ADB: Covid-19 expected to slash Armenia GDP growth to 2.2% in 2020April 4, 2020 - 11:32 AMT 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 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 | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |