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%.