IMF predicts Armenia's economy will shrink by 1.5% in 2020

IMF predicts Armenia's economy will shrink by 1.5% in 2020

PanARMENIAN.Net - The International Monetary Fund issued its 2020 World Economic Outlook Tuesday, April 15, which says Armenia's economy will shrink by 1.5%.

The organization predicts the global economy will shrink by 3% this year and that the world’s economic output will plummet $9 trillion over two years.

IMF also said that the economies of Georgia and Azerbaijan will dwindle by 4.0% and 2.2%, respectively.

The Asian Devlopment Bank and the World Bank, however, had both predicted that the country's economy will grow in 2020.

ADB had said that the 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. The World Bank, meanwhile, had forecasted 1.7% GDP growth in the reporting period.

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