Armenian central bank revises downward growth forecast for 2021

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Economy

16.03.2021, 18:12

Armenia's Central Bank has revised downward its forecast for economic growth in 2021, Chairman of the Central Bank Martin Galstyan said on Tuesday.

Armenian central bank revises downward growth forecast for 2021

YEREVAN, March 16. /ARKA/. Armenia's Central Bank has revised downward its forecast for economic growth in 2021, Chairman of the Central Bank Martin Galstyan said on Tuesday.

Speaking to reporters he said the forecast has been reduced from 2% to 1.4%. He said the revision was prompted by the registered decline in such economy sectors in the fourth quarter of 2020 as industry, services and agriculture.

He said also the Central Bank expects the government to be more efficient in implementation of the planned capital expenditures in 2021, which will allow the economy to recover at a faster pace than projected.

The government's projection for 2021 growth is 3.2%. The inflation rate is set at 4% (± 1.5%). According to the World Bank, Armenia's economy is expected to grow by 3.1% in 2021, and by 4.5% in 2022. The IMF predicts 1% GDP growth in 2021. -0-

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