Based on the IMF January forecast, in 2020 the world economy was supposed to grow by 3.3%.

However, the IMF has presented new data including the impacts of COVID-19 pandemic.

As Armenian Central Bank head Martyn Galstyan noted, according to IMF, the 2020 economic downturn is projected at 4.9%.

The chair also added that the 2020 economic growth of Armenia will be much lower than it was expected.

"The hotel business, catering, travel agencies, transport, services, construction will be hit hard. However, the crisis will hardly affect agriculture," he noted.

According to Galstyan, Armenia will face a reduction in private investment and consumption.