Although 2020 was quite a difficult year, there have been some positive changes in the economy. In particular, it was possible to reduce the trade deficit of goods; in January-November 2020, it amounted to $1.8 billion, compared to $2.4 billion in the same period the previous year. Economist Artyom Pilin said this during a Yerevan-Moscow videoconference.

He added that exports from Armenia decreased by 5%, whereas imports to Armenia—by 15%. "At the same time, Armenian exports to Russia remained more stable, falling by 11%, whereas exports to the EEU fell by almost a third. Despite the slowdown in the flow of foreign direct investment, assistance from international financial institutions has allowed it to finance the growing budget deficit. In addition, the national currency—although it declined—is moderate, which is also very important for Armenia’s economy which is highly dependent on imports," said Pilin.

According to him, the economic downturn in 2020 has led to an increase in unemployment, from 19% in 2019 to 24% in 2020. "As for the projections for economic development in 2021, the [recent] armed conflict has significantly adjusted them—towards a reduction. While in the fall of 2020, international organizations were projecting a GDP growth in Armenia in 2021 at the level of 3.5-4%, today the IMF projections are at the level of 1%, which is significantly lower than the global average (3.2%) and regional indicators," concluded Artyom Pilin.