World Bank: Armenia's economy expected to contract 8% in 2020January 6, 2021 - 16:17 AMT PanARMENIAN.Net - Armenia's economy will contract by 8% in 2020 and bounce back and grow by 3.1% and 4.5% in 2021 and 2022, respectively, the World Bank said Global Economic Prospects report․ In the June 2020 edition of the survey, the World Bank predicted a 5.2% decline for the Armenian economy in 2020 and a further 1.8% contraction in 2021. In its October issue, the Bank said the Armenian economy is expected to contract by 6.3% in 2020 and grow by 4.6% in 2021. Azerbaijan's economy, meanwhile, is expected to contract by 5% in 2020, then post a 1.9 % growth in 2021 and a 4.5% growth in 2022. In Georgia, the economy will contract 1.6% in 2020, then further dwindle by by 2.7% in 2021, before recovering by 0.9% in 2021. The Asian Development Bank said in mid-September that the Armenian economy will contract 4% in 2020 – down from a previous forecast of 3.5% decline – recovering to 3.5% growth in 2021. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | About 32,000 rally in Yerevan to deman Pashinyan’s resignation About 31,700 people attended an opposition rally on Thursday, May 9 in Yerevan demanding the resignation of Prime Minister Nikol Pashinyan. Armenian, Azerbaijani Foreign Minister to meet in Almaty Armenian Foreign Minister Ararat Mirzoyan and his Azerbaijani counterpart Jeyhun Bayramov will meet in Almaty. Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. |