Armenia GDP decline forecast revised downward to 6.8%November 2, 2020 - 13:04 AMT PanARMENIAN.Net - The Ministry of Finance has revised the forecasted decline in Armenia's economy in 2020 from 2.6% to 6.8%, Finance Minister Atom Janjughazyan said on Monday, November 2, Sputnik Armenia reports. "The forecast for the decline in GDP in 2020, which was previously estimated at 2.6%, was first revised to 6%, then to 6.8%," Janjughazyan said during discussions of the draft budget for 2021. According to him, the GDP was planned to amount to AMD 7.095 trillion ($16.1 billion) under the budget for 2020, but the forecast has now been reduced to AMD 6.170 trillion ($12.5 billion) in October. "In 2021, the GDP is expected to grow by 4.6% to AMD 6.598 billion ($13.3 million)," the Finance Minister added. In mid-September, the Asian Development Bank said 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 | 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. |