Forecast: A big disaster awaits Armenia`s economy


October 22, Fineko/abc.az. The Armenian economy recorded a decline of 6.4% over Jan-Aug 2020, ABC.AZ was informed at the Center for Analysis of Economic Reforms & Communications.

It was noted that in Armenia, included in the list of countries unsuccessfully fighting the coronavirus pandemic, the volume of exports and imports for the first 8 months of 2020 also decreased, and the economic downturn deepened.

"According to the Statistical Committee of Armenia, the industry, which was previously the driving force of economic growth, faced stagnation amid the coronavirus crisis. This country’s construction sector completed the Jan-Aug term with a decrease of 19.1%, trade by 11.5%, and services by 10.8%. We can predict the biggest catastrophe that awaits the Armenian economy. Thus, the Armenian side, which violated the ceasefire on 27 September 2020 and attacked Azerbaijan, faced a counter-offensive by the Azerbaijani Army, which led to serious consequences for Armenia," the Center says.