EBRD forecasts Armenia's economy will shrink by 3.5%May 13, 2020 - 18:09 AMT PanARMENIAN.Net - Armenia's GDP is expected to contract by 3.5% in 2020, according to a fresh report from the European Bank for Reconstruction and Development. However, in its latest Regional Economic Prospects report, the EBRD said the country's economy is expected to bounce back and grow by 5.5% in 2021. Across the regions of the EBRD, economies may contract on average by 3.5%, because of the impact of the coronavirus pandemic, with a rebound of 4.8% possible in 2021. The International Monetary Fund earlier predicted its 2020 World Economic Outlook that Armenia's economy will shrink by 1.5%. The Asian Devlopment Bank and the World Bank, however, forecasted that the country's economy will grow by in 2.2% and 1.7%, respectively. 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 | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. 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. |