Armenia's GDP growth in 2020 will be negative due to pandemic. CB Chairman

Today at the sitting of the NA Standing Committee on Financial-Credit and Budgetary Affairs the newly elected Chairman of the Central Bank Martin Galstyan presented the Central Bank's 2019 activity report.

Galstyan touched upon the  influence of pandemic on the Armenian economy. "According to our estimates, Armenia's economic growth in 2020 will be negative, significantly lower than our previous forecast. The areas most affected by the pandemic are public catering, transport, tourism, service and construction. It will have almost no impact on agriculture", Galstyan said, adding that due to uncertainty there will be a reduction in private consumption and private investment.

According to the chairman of the Central Bank in March the world was expecting to recover quickly, but later revised the perception of the real impact of pandemic.