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ADB revises upwards growth forecast for Armenia to 5.2%, from 1.8%

23.09.2021 17:14

ADB revises upwards growth forecast for Armenia to 5.2%, from 1.8%

YEREVAN, September 23, /ARKA/. The Asian Development Bank has revised upwards the growth forecast for Armenia in fiscal year 2021 to 5.2%, from 1.8% predicted earlier, according to its latest Asian Development Outlook 2021 report, released on September 22.
According to the report, Armenia’s economy reversed 5.5% contraction in the first half of 2020 to grow by 4.9% a year later. This marked recovery from a low base but also from multiple economic shocks in the second half of 2020.
On the supply side, all sectors contributed to growth. Agriculture expanded by a strong 7.1% on higher crop production. Services grew by 5.3%, with increases in trade, transportation, food, and administrative and real estate services that outstripped declines in recreation, accommodation, and education services. Construction grew by 5.5%, supported by public infrastructure and private construction. Industry grew by 1.3% as gains in mining and quarrying, electricity generation, and water and waste.
On the demand side, private consumption expanded by 5.4% on higher remittances, and public consumption grew by 3.2% with higher spending on social services. Investment, measured by gross fixed capital formation, surged by 9.5% on higher government and private capital spending. With the economy recovering faster than anticipated, this Update raises growth projections for 2021 and 2022.
Inflation accelerated in the first 7 months of 2021, reflecting recovery in domestic demand, currency depreciation from November 2020 to March 2021, and rebounding global commodity prices.
Average annual inflation in the period jumped from 0.7% a year earlier to 6.1%, propelled by increases of 8.5% for food and 8.2% for other goods, with services up 1.9%. Inflation hit 8.2% year on year in July, well above the Central Bank of Armenia target of 2.5%–5.5%.
To contain inflation, the central bank gradually raised its benchmark rate by 175 basis points to 7.00% in four steps from December 2020 to August 2021. With inflation in the first half exceeding expectations, this Update raises the inflation forecast substantially for 2021 and less so for 2022.
The current account recorded surpluses in services, current transfers, and remittances, as well as a smaller deficit in goods, slashing the overall deficit from the equivalent of 8.9% of GDP in the first quarter of 2020 to 3.4% a year later. The merchandise trade deficit narrowed from 12.4% of GDP to 8.6% as a 13.3% drop in imports outpaced a 1.5% decline in exports. With imports expected to rise more than exports because of increased demand for capital goods to supply investments, the merchandise trade deficit is projected to widen during the rest of 2021.
This development should be partly offset by rising remittances from the Russian Federation, higher current transfers, and increased gains from tourism, transportation, and financial services. With increases in both external and domestic demand, this Update raises projections for current account deficits in both 2021 and 2022. -0-

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ADB approves $1.3m initiative to help improve land resources management in Armenia

12.04.2021 16:38

ADB approves $1.3m initiative to help improve land resources management in Armenia

The Asian Development Bank (ADB) said it has approved a $1.3 million technical assistance (TA) initiative to support Armenia in developing a digital platform to host standardized data on land ownership and other geographic information to help improve land resources management

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ADB implementing programs to enhance seismic safety of schools in Armenia

17.09.2020 13:03

ADB implementing programs to enhance seismic safety of schools in Armenia

Prime Minister of Armenia Nikol Pashinyan attended Tuesday the opening of Basic School No. 153 named after Rafael Ishkhanyan in Yerevan, Armenia. The newly renovated and seismically safe school is supported by the Asian Development Bank (ADB)

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ADB expects 4% economic decline and 1.4% inflation in Armenia in 2020

16.09.2020 12:10

ADB expects 4% economic decline and 1.4% inflation in Armenia in 2020

The Asian Development Bank (ADB) has revised its outlook for Armenia’s economy to a 4% decline from the minus 3.5% projected previously, in April, the bank’s press service reported on Tuesday

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Asakawa: ADB ready to provide financial assistance and policy advice to Armenia as needed

19.08.2020 21:16

Asakawa: ADB ready to provide financial assistance and policy advice to Armenia as needed

Asian Development Bank (ADB) President Masatsugu Asakawa and Prime Minister of Armenia Nikol Pashinyan today discussed the impact of the coronavirus disease (COVID-19) pandemic in Armenia and ADB’s operations in the country, the press service of the ADB reported on Wednesday

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ADB approves $2 million grant to support Armenia’s fight against covid-19

18.08.2020 23:30

ADB approves $2 million grant to support Armenia’s fight against covid-19

The Asian Development Bank (ADB) has approved a $2 million grant from its Asia Pacific Disaster Response Fund (APDRF) to support Armenia in its fight against the coronavirus disease (COVID-19) pandemic, the press service of the ADB reported on Tuesday

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Asian Development Bank and Armeconombank sign $15 million loan agreement to support women-led enterprises

01.07.2020 22:42

Asian Development Bank and Armeconombank sign $15 million loan agreement to support women-led enterprises

The Asian Development Bank (ADB) and the Armenian Armeconombank OJSC signed a $15 million loan agreement to increase lending to micro, small and medium-sized businesses owned by women in Armenia, especially in regions outside Yerevan

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Armenian president and ADB bank head discuss implementation of joint projects

06.02.2020 15:55

Armenian president and ADB bank head discuss implementation of joint projects

Armenian President Armen Sarkissian received Wednesday the Head of the Armenian Office of the Asian Development Bank (ADB) Paolo Spintigati, the presidential press office reports

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Armenian deputy prime minister and ADB Yerevan office head discuss further cooperation

22.01.2020 15:44

Armenian deputy prime minister and ADB Yerevan office head discuss further cooperation

Armenia’s Deputy Prime Minister Tigran Avinyan received today the new director of the Yerevan Office of the Asian Development Bank (ADB) Paolo Spantigati.

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ADB country director presents five-year partnership strategy to Armenian vice premier

12.12.2019 14:47

ADB country director presents five-year partnership strategy to Armenian vice premier

Armenian Vice Premier Mher Grigoryan received Tuesday newly appointed Asian Development Bank Armenia Country Director Paolo Spantigati, who presented a new five-year ADB-Armenia partnership strategy to the vice-premier, the press office of the Armenian government reports

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