Armenia Economic Outlook
May 12, 2020The economy seemingly took a hit toward the end of the first quarter due to Covid-19 and its associated containment measures, with worse likely to come. Economic activity fell in March and industrial output contracted for the first time in over a year, while the lockdown in key trading partner Russia is restraining remittance inflows. The state of emergency has been extended to at least 14 May, although restrictions have been eased since early May, allowing restaurants, shops and factories to resume activity. Meanwhile, in mid-April the IMF reached a staff level agreement for a second review of Armeniaâ€™s reform program and an increase in financial support of around USD 280 million, which is pending Executive Board approval in mid-May. The additional funds would help to mitigate the impact of the coronavirus pandemic.
Armenia Economic GrowthThe impact of the coronavirus pandemic and the lockdown measures are set to deal a heavy blow to the economy this year. A sharp decline in remittance inflows from Russia will compound private consumption weakness, while feeble global demand and disrupted production chains will weigh on the external sector. Our panelists see GDP falling 0.3% in 2020, which is down 2.8 percentage points from last monthâ€™s forecast. For 2021, the panel projects GDP growing 5.3%.
Armenia Economy Data
5 years of Armenia economic forecasts for more than 30 economic indicators.
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