EBRD forecasts Armenia's economy will shrink by 3.5%May 13, 2020 - 18:09 AMT PanARMENIAN.Net - 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. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |