Armenia's GDP is expected to contract by 3.5% in 2020, according to a fresh report from the European Bank for Reconstruction and Development.

However, in its latest Regional Economic Prospects report, the EBRD said the country's economy is expected to bounce back and grow by 5.5% in 2021.

Across the regions of the EBRD, economies may contract on average by 3.5%, because of the impact of the coronavirus pandemic, with a rebound of 4.8% possible in 2021.

The International Monetary Fund earlier predicted its 2020 World Economic Outlook that Armenia's economy will shrink by 1.5%. The Asian Devlopment Bank and the World Bank, however, forecasted that the country's economy will grow by in 2.2% and 1.7%, respectively.