Armenia GDP decline forecast revised downward to 6.8%November 2, 2020 - 13:04 AMT PanARMENIAN.Net - The Ministry of Finance has revised the forecasted decline in Armenia's economy in 2020 from 2.6% to 6.8%, Finance Minister Atom Janjughazyan said on Monday, November 2, Sputnik Armenia reports. "The forecast for the decline in GDP in 2020, which was previously estimated at 2.6%, was first revised to 6%, then to 6.8%," Janjughazyan said during discussions of the draft budget for 2021. According to him, the GDP was planned to amount to AMD 7.095 trillion ($16.1 billion) under the budget for 2020, but the forecast has now been reduced to AMD 6.170 trillion ($12.5 billion) in October. "In 2021, the GDP is expected to grow by 4.6% to AMD 6.598 billion ($13.3 million)," the Finance Minister added. In mid-September, the Asian Development Bank said the Armenian economy will contract 4% in 2020 – down from a previous forecast of 3.5% decline – recovering to 3.5% growth in 2021. 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. |