IMF says Armenia's economy to weaken
BAKU, Azerbaijan, Oct. 15
By Zeyni Jafarov – Trend:
The International Monetary Fund (IMF) forecasts decrease for Armenia’s GDP in 2020 by 4.5 percent, despite the fact that the IMF’s April forecast for the Armenian economy was only 1.5 percent, Trend reports referring to the October release of the IMF’s ‘World Economic Outlook’ report.
According to the IMF, inflation in Armenia in 2020 will slow down to 0.9 percent, and in 2021 prices in the country will rise by 2 percent.
In 2020, Armenia’s current account deficit will amount to 8.8 percent of GDP. In 2019, the IMF also recorded a current account deficit in Armenia, which was 8.2 percent of GDP.
In addition, the IMF predicts an increase in unemployment in Armenia to 22.3 percent, contrary to the forecasts of the unemployment fund in this country published in April at 19 percent for the current year. Thus, the number of unemployed people will be more than 20 percent of Armenia’s total population.
Last year, the unemployment rate in Armenia was 18.9 percent, and the country’s population for this year is 2.9 million people.