On behalf of the RA Government, the Deputy PM Mher Grigoryan addressed a message within the framework of a high-level event entitled "Financing for Development in the Age of COVID-19 and Beyond" initiated by the UN Secretary General and the Prime Ministers of Canada and Jamaica on May 28.
The message in particular says: "Living through the worst crisis of our time due to the COVID-19 epidemic, I consider this an important platform to discuss, to understand together what it means for the global economy and how to overcome it. The pandemic does not recognize borders and nationalities. It has affected the lives of each of us, and we can only counteract it through joint efforts.
The social and economic consequences of the pandemic are already obvious and will continue to have a serious impact on the lives of many, as its negative tendencies will lead to difficulties that will not always be like to classic problems we face.
Regardless of the level of development, all economies have suffered severely. Businesses try to optimize the expenditures to overcome the crisis while people lose their jobs and as a result reduce their costs.
As the global economy needs to create more innovative and targeted tools to overcome this crisis, it is now more than obvious that we need to set new standards of cooperation and mutual support to rebuild our economies.
Armenia's economy has grown by an average of 7% in recent years. The government has taken number of measures to alleviate the socio-economic consequences of the epidemic. However, our preliminary calculations show that the economy will decline in 2020, recording a real negative GDP growth of -2%", said the Deputy Prime Minister, adding:
"We call for unity, solidarity and a global partnership to alleviate the difficulties that still lie ahead. We are ready to do our best to contribute in this process".
