Asian Development Outlook (ADO) 2020 Update, the report by Asian Development Bank (ADB), has lowered its GDP growth for Armenia to -4%, a further drop from the -3.5% that was projected in April 2020.

GDP growth is expected to pick up to 3.5% in 2021.

The inflation forecast for Armenia is revised downwards to 1.4% this year from 2.8% forecast in April, due to continued weak demand at home and abroad, low oil prices, and a fairly stable exchange rate.

“The full impact of the COVID-19 pandemic on the Armenian economy is yet to be fully assessed, but global disruption from COVID-19 is expected for the rest of 2020, further weakening trade, remittances, and tourism,” said ADB Country Director for Armenia Paolo Spantigati.