Friday, April 3 2020 13:32
Alexandr Avanesov

Economic growth in Armenia in 2020 will be lower than forecasted

Economic growth in Armenia in 2020 will be lower than forecasted

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%. 

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