Tuesday, October 27 2020 17:30
Alina Hovhannisyan

Central Bank forecasts economic downturn in Armenia in 2020 at 7.2%

Central Bank forecasts economic downturn in Armenia in 2020 at 7.2%

ArmInfo.. The Central Bank of the Republic of Armenia for 2020 revised its forecast for GDP growth downward. According to the September forecast, the Regulator expected  the economy to decline at the level of 6.2% by the end of 2020,  however, at the press conference on September 27, the Chairman of the  Central Bank of Armenia Martin Galstyan noted that Armenia would end  this year with a decline in GDP by 7.2%.

He noted that the decline in the economic activity of the Republic of  Armenia in September amounted to 7.5% per annum, which was  facilitated by a significant decline in the service sector.  "The  service sector received the hardest hit due to the epidemiological  situation in the country. From the point of view of the supply of  those areas that have long-term contracts with counterparties, they  are more protected than the service sector, which, due to the  coronavirus, was in a state of total uncertainty, '' he said.

To note, according to the new forecast of the World Bank for 2020,  the decline in Armenia's GDP will be 6.3%, against the previously  expected 2.8% and actual 7.6% growth in 2019. In 2021, the WB expects  Armenia's GDP to grow by 4.6%.


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