Friday, April 3 2020 21:16
Karine Melikyan

According to Asian Development Bank`s forecast, Armenia`s GDP growth in  2020 will slow down to 2.2%

According to Asian Development Bank`s forecast, Armenia`s GDP growth in  2020 will slow down to 2.2%

ArmInfo.Amid the impact of COVID-19 and lower consumption, economic growth in Armenia will slow down to 2.2% in 2020, analysts at the Asian Development Bank (ADB) say.

However, already in 2021, the country's GDP growth will begin to  recover and accelerate to 4.5%, as the reforms launched in 2019 and  2020 will strengthen and modernize infrastructure, improve human  capital, finance and public administration. This forecast was  published on April 3 in the ADB report "Asian Development Outlook  2020".

According to the expectations of ADB, in 2020 inflation and current  account deficit will increase slightly in Armenia, and then slow down  in 2021. ADB notes that increasing public investment is very  important to ensure inclusive and stable growth of the Armenian  economy.

It should be noted that 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), but growth is expected to recover in  2021 to 7, 2%. The Central Bank also expects that by the end of 2020  inflation will be 1.9% and will head to the target threshold in the  medium term, against actual inflation of 0.7% for January-December  2019 and annual inflation of 1.4% (January- December 2019 to  January-December 2018).

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