Armenian economy to start recovering in 2021, central bank chairman says

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YEREVAN, September 16. /ARKA/. Armenia’s economy will start the recovery in 2021, Central Bank Chairman Martin Galstyan told reporters today, adding that the regulator’s forecasts is 4-5%. According to him, the country’s GDP will fall this year by 6.2%.

“Growth will recover very slowly, and according to the updated forecast will amount to 4.9%, down from the earlier forecast growth of 5.55%,” Galstyan said.

According to him, all sectors are expected to show growth, especially the services, which in 2020 are forecast to decrease by 6%, and grow by 4.2% in 2021.

He also noted that the construction sector will return from a minus 18% indicator to a positive indicator of 9%, agriculture – from a negative 1.1% to a positive 3.2%, while the industry will grow by almost 5%.

He noted that this is a baseline scenario that takes into account the opening of schools, closed in spring due to the coronavirus pandemic, and the possible rise in the rates of coronavirus infection, which are not going to be critical.

On April 29, the National Assembly of Armenia approved a revision of 2020 budget indicators, prompted by the spread of COVID-19. The budget forecast for GDP was reduced to a decline of 2%, down from the originally projected growth of 4.9%. The budget deficit was increased to 340 billion drams, or 5% of GDP, up from previous projection of 2.3%. ($1 – 488.57 drams).

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