According to new forecast released by the European Bank for Reconstruction and Development (EBRD), Armenia's GDP will decline by 3.5% in 2020 due to economic impact of the coronavirus. EBRD expects the economy in Armenia to recover in 2021, with 5.5 percent GDP growth.
According to EBRD prediction, the global uncertainty and declining demand caused by the coronavirus crisis, will directly affect the Armenia's economy. The export of mining products will decrease. Weakening of economic ties with Russia and the possible reduction of remittances will also have a negative impact. Measures of social restrictions will harm tourism sector.
The EBRD predicts that recovery will depend on a gradual easing of measures to curb the spread of the virus inside the country.
