ADB: Covid-19 expected to slash Armenia GDP growth to 2.2% in 2020

ADB: Covid-19 expected to slash Armenia GDP growth to 2.2% in 2020

PanARMENIAN.Net - Economic growth in Armenia is projected to slow from "the unusually high rate" of 7.6% achieved in 2019 to 2.2% in 2020 due to the impact of COVID-19, according to the Asian Development Bank's flagship economic publication, Asian Development Outlook 2020.

The report says the country's GDP will then grow 4.5% in 2021 as reforms initiated in 2019 and 2020 take hold and improve infrastructure, human capital, finance, and public administration․

Inflation and the current account deficit are expected to rise slightly in 2020 before moderating in 2021, ADB says, adding that boosting public investment is essential for inclusive and sustainable growth.

The country' economy expanded by 5.2% in 2018 and a further 7.6$ in 2019.

In Azerbaijan, growth will slow to 0.5% as oil prices decline, but higher oil and gas production will lift growth to 1.5% in 2021.

Meanwhile in Georgia, COVID-19 and monetary tightening are projected to slow growth to zero this year, picking up to 4.5% in 2021․

 Top stories
The ruble was trading at a low of 74.9 to $1 on March 9 morning, after another wild start to the week for financial markets.
Pashinyan said that raising the efficiency of the fight against corruption will be one of the most important challenges.
The Council adopted revised conclusions on the EU list of non-cooperative jurisdictions for tax purposes.
“It’s a speculation, we can neither comment or react to it,” an Diana Gazinyan from HSBC Armenia said.
Partner news