World Bank: Armenia's economy expected to contract 8% in 2020

January 6, 2021 – 16:17 AMT

PanARMENIAN.Net’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.

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