ArmInfo. The COVID-19 pandemic and the fighting are having a negative impact on the Armenian economy. On November 3, RA Minister of Economy Tigran Khachatryan stated this in an interview with journalists in the country's parliament.
According to him, by the end of this year, a 6% decline in GDP is expected, but in 2021 the economic growth is planned at the level of 4% -5%. Unfortunately, if martial law affects the economy of Armenia, then the whole world will be exposed to the coronavirus pandemic. Today it is very difficult to predict what impact the pandemic will have on the economy. For this reason, a formula is applied according to which the previously presented estimates are revised in each specific situation. "As of today, the assessment boils down to the fact that the year will be closed with a 6% decline, and from next year the growth rates of the Armenian economy are forecasted within 4% -5%," the Minister said.
He also assured that the ban on the import of Turkish goods introduced from January 1, 2021 will not lead to an increase in prices in the republic's domestic market. The minister added that business entities will be able to supply the final product from Russia, Belarus, China, and from the markets of other states. Tigran
Khachatryan expressed his conviction that this step of the government will not lead to inflationary processes. Moreover, we are talking about a small share of Turkish goods in the country's consumer market. There is not a single segment in which Turkish goods have an absolute advantage. "Consequently, there will be no inflation. The import will be carried out from other markets," Tigran Khachatryan said.
Earlier, ArmInfo reported on the introduction of an embargo on the supply of Turkish goods to the Armenian market from December 31, 2020. The ban will be valid for 6 months. The temporary ban is economic in nature, but nevertheless, it presupposes, first of all, a security component, since it is already a fact that Turkey openly supports Azerbaijan in the military and terrorist actions unleashed against Artsakh.
It should be noted that according to the RA Statistical Committee, in 2019, the import of Turkish goods to the territory of Armenia grew on an annualized basis by 6.1% to $ 268 million. According to the results of 8 months of 2020, Armenia reduced imports of goods of Turkish origin by 14.2% to $ 139.1 million .
