YEREVAN. – Ameria Management Advisory has downgraded its forecast for the economic situation in Armenia. Tigran Jrbashyan, the head of this advisory, stated this Friday during a press conference.

As per Jrbashyan, according to a study published in June, the economic downturn should have been 2.3% in Armenia, but now the aforesaid advisory predicts a 4.3-4.5% decline by the end of the year.

Commenting on the reasons for the deterioration of this forecast, he noted that at the time of preparation of the previous forecast, analysts had predicted a sharper decline and faster recovery, whereas in reality, this decline was not so much, and the recovery was slow as well. "In fact, the decline was at a lower rate in the second quarter, but it continued in July, too" he said, adding that in the face of such realities, analysts do not predict a sharp recovery, thus increasing the projected rate of decline.