World Bank: Armenia's economy expected to contract 8% in 2020January 6, 2021 - 16:17 AMT PanARMENIAN.Net - Armenia's economy will contract by 8% in 2020 and bounce back and grow by 3.1% and 4.5% in 2021 and 2022, respectively, the World Bank said Global Economic Prospects report․ In the June 2020 edition of the survey, the World Bank predicted a 5.2% decline for the Armenian economy in 2020 and a further 1.8% contraction in 2021. In its October issue, the Bank said the Armenian economy is expected to contract by 6.3% in 2020 and grow by 4.6% in 2021. Azerbaijan's economy, meanwhile, is expected to contract by 5% in 2020, then post a 1.9 % growth in 2021 and a 4.5% growth in 2022. In Georgia, the economy will contract 1.6% in 2020, then further dwindle by by 2.7% in 2021, before recovering by 0.9% in 2021. The Asian Development Bank said in mid-September that 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. |