Situation in Armenia gets worse – economy expected to decline almost by 5%

17:34 - 5.11.2020


November 5, Fineko/abc.az. The economic problems caused by the coronavirus (Covid-19) pandemic in Armenia are compounded by the escalation of the Nagorno-Karabakh conflict.

ABC.AZ reports that this is stated in Georgian National Bank’s report on the monetary policy for November.

According to the report, in Q3 of this year the pace of economic growth in Armenia significantly slowed down, investments, trade and industrial production decreased.

"The deterioration of the economic situation in Russia also had negative impact on the Armenian economy. Recently, there have been problems in the country's foreign trade, the pace of exports has significantly decreased, and imports have increased," the Ministry said.

The report says that the International Monetary Fund predicted an economic decline of 4.5% in Armenia for 2020, and annual inflation of 0.9%.

 

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