Armenian Central Bank predicts 7.2% decline for 2020

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YEREVAN, December 16. /ARKA/. Armenia’s Central Bank has not revised its earlier made forecasts about economic growth in 2020 estimating that it will decline by 7.2%, Central Bank chairman Martin Galstyan said today.

Regarding the forecasts for 2021, he said the regulator expects some growth, adding that it is too early now to announce the numbers. He added that the forecast for the next year will be published in the final report of the Central Bank on December 29th.

“Nevertheless, now I can say that our forecast will be in the range between the IMF growth forecast (1% – ed.) and the Armenian Ministry of Finance’s forecast (3.2% – ed.),” Galstyan said.

Earlier IMF predicted a 7.25% decline in Armenia’s GDP for 2020, saying it is expected to see 1% growth in 2021.
The draft state budget for 2021 projects 3.2% growth and 4% (± 1.5%) inflation.

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