ArmInfo.Economic growth in Armenia in 2020 will be lower than forecasted. The Minister of Economy of the Republic of Armenia Tigran Khachatryan stated this on April 3 at a press conference in Yerevan.
According to him, it is too early to talk about specific figures, but taking into account the COVID-19 pandemic factor, it's clear that economic activity in the country will be lower than planned. A poll among 1,200 subjects, in which significant reductions in production volumes are observed, also testifies to the effect of coronavirus on the economy. Moreover, as the Minister noted, the rate of reduction compared to 2019 and the first two months of 2020 will be significant, especially from March of this year, when the virus spread. Nevertheless, the minister continued, even in these conditions it is possible to produce and develop an economy. Tigran Khachatryan expressed confidence that difficult times will pass and the country's economy will begin to recover quickly. "For us, the most important issue today is protecting the health of citizens," the head of the department emphasized. He emphasized that it is too early to give new forecasts, since much will depend on the development of the situation.
Meanwhile, according to the forecast of the Central Bank of Armenia, the impact of coronavirus on the economy will slow down the growth of Armenia's GDP in 2020 to a stagnant 0.7% (from the actual 7.6% growth in 2019) instead of the planned 4.5%. In 2021, growth is expected to recover to 7.2%.
