YEREVAN (ARKA) — Armenia’s GDP in 2020 is expected to edge up to 5.1%, according to the World Bank’s January 2020 Global Economic Prospects.

The gross domestic products of Armenia’s neighbors Azerbaijan and Georgia are forecast to up by 2.3% and 4.3% respectively. The GDP of another neighbor-Turkey is expected to grow by 3%, while Iran’s economy will show zero growth.

According to World Bank, Russia’s GDP will grow by 1.6% in 2020, that of Belarus  by 0.9%, Kazakhstan’s GDP will edge up by 3.7%, that of Kyrgyzstan by 4%, Moldova’s GDP will up by  3.6% , Tajikistan’s by 5.5%, Turkmenistan’s by 5.2%, Ukraine’s  by 3.7% and Uzbekistan’s by 5.7%.

The World Bank recalls that  in 2017 Armenia’s GDP growth amounted to 7.5%, in 2018 it  dropped to  5.2% and upped to 6.9%  in 2019. The forecast for 2021 and 2022 is 5.2%.

The World Bank says growth among advanced economies as a group is anticipated to slip to 1.4% in 2020 in part due to continued softness in manufacturing. Growth in emerging market and developing economies is expected to accelerate this year to 4.1%. This rebound is not broad-based; instead, it assumes improved performance of a small group of large economies, some of which are emerging from a period of substantial weakness. About a third of emerging market and developing economies are projected to decelerate this year due to weaker-than-expected exports and investment.

Regarding Europe and Central Asia, World Bank says the regional growth is expected to firm to 2.6% in 2020, assuming stabilization of key commodity prices and Euro Area growth and recovery in Turkey (to 3%) and Russia (to 1.6%).

Economies in Central Europe are anticipated to slow to 3.4% as fiscal support wanes and as demographic pressures persist, while countries in Central Asia are projected to grow at a robust pace on the back of structural reform progress. Growth is projected to firm in the Western Balkans to 3.6% — although the aftermath of devastating earthquakes could weigh on the outlook and decelerate in the South Caucasus to 3.1%.

The Armenian government’s GDP projection for 2020 is 4.9%. The projected inflation is 4% (±1.5%).

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletters

Get notified of the latest updates from MassisPost.

You May Also Like

Russian-Armenian Investor to Explore for Oil in Armenia

YEREVAN — A newly established company controlled by Russian-Armenian billionaire Samvel Karapetian…

Russian News Report Says Gyumri Massacre Suspect Will Be Tried At Russian Base

Armenia Seeks Jurisdiction Over Valery Permyakov GYUMRI — A news report says…

28th Anniversary of the Liberation of Shushi

Today marks the 28th anniversary of the Liberation of Shushi. The liberation…

OSCE Co-Chairs Press for Renewed Face-to-Face Negotiations Between the Presidents of Armenia and Azerbaijan

BRUSSELS — The Foreign Ministers of Armenia and Azerbaijan Edward Nalbandian and…