World Bank: Armenia's economy expected to contract 8% in 2020

World Bank: Armenia's economy expected to contract 8% in 2020

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
Mher Grigoryan added that the government will ensure that the borrowed funds are spent efficiently.
Wizz Air Abu Dhabi will be regularly flying from the Armenian capital of Yerevan to Abu Dhabi, UAE.
The ruble was trading at a low of 74.9 to $1 on March 9 morning, after another wild start to the week for financial markets.
Pashinyan said that raising the efficiency of the fight against corruption will be one of the most important challenges.
Partner news