Based on the International Monetary Fund’s April 2020 report, the global economic downturn is 3%, and based on the data as of June 24, the projections have dropped to 4.9%. this is what Governor of the Central Bank of Armenia Martin Galstyan told reporters today, stating that the downturn will have an impact on almost all countries.
Besides that, according to him, the uncertainty towards the future is having an essential impact on the behavior of people and organizations, which will lead to the reduction of consumption and investments. Simultaneously, Galstyan stated that economic downturn is mainly expected in the service and construction, a low level of downturn is expected in industry, and amid the more relatively positive results — in the agriculture sector.
According to the previous projection of the Central Bank, economic growth in 2020 will make up 0.7%.