Armenia Economy Ministry: There may be 5% economic decline by end of year

Armenia Economy Ministry: There may be 5% economic decline by end of year

Taking into consideration the current trends, may record a nearly 5% economic decline and perhaps a little more. This is what Minister of Economy of Armenia Tigran Khachatryan told reporters today. The minister stressed that experts have indicated the 5% economic decline and may be subject to change. “The evaluations can vary, but those evaluations can change because the global situation is constantly changing,” Khachatryan said.

Presenting the basis of the calculation for possible economic decline, Khachatryan informed that nearly 40% of the GDP is produced in the first semester of the year, and the remaining 60% — in the second semester. He added that if the indicators of the month of June remain unchanged under the condition that the situation improves in July and the following months, the GDP will drop by 3-4% in the second semester of the year.

“The economy is changing, and Armenia hopes to make some progress in the third or fourth quarter compared with the indicators of the second quarter, but I don’t rule out nearly 5% economic decline compared with the year 2019,” Khachatryan said, adding that the 5% decline is in line with the global economic trends.

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2020-08-14T16:54:08-05:00August 14th, 2020|Categories: Economy|Tags: |
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