Armenia's GDP is expected to grow by 4.8% in 2020, the Eurasian Development Bank said in its recent forecast.

EDB analysts have assessed the impact of the Covid-19 pandemic on the dynamics of key macroeconomic indicators in the Bank's member countries.

According to the report, the coronavirus outbreak had a strong impact on the cyclical development of the countries in the first half of 2020.

The bank said economic activity in Armenia, Kyrgyzstan and Tajikistan was significantly affected by the decline in remittances, an important source of consumer spending.

Armenia's economy expanded by 7.9%, while economic activity amount to 7.8% in 2019.