On August 4th, Dr. Ricardo Giucci, Team Leader, and Nikolas Schmidt, Project Manager of the German Economic Team Armenia, presented the third Economic Monitor in a video conference. The event was organised in cooperation with the German Business Association (DWV) in Armenia. Numerous German and European businesspeople, representatives from the EU Delegation and from the European Business Association (EBA) took part in the event.
At the beginning, Dietmar Stiel, Managing Director of DWV Armenia, gave a welcoming address. Dr. Ricardo Giucci then presented the economic outlook. The Armenian economy is facing various challenges due to the COVID-19 pandemic, with the growth projections for 2020 being revised down from 5.5% to at least -1.5%. Tourism and the textile sector are particularly affected. On a positive note, the Central Bank of Armenia managed to reduce exchange rate fluctuations. Nikolas Schmidt then presented potentials for reorienting FDI attraction efforts following the pandemic and gave an overview of COVID-19 case development and governmental measures to combat the economic fallout and international support. Afterwards, a Q&A session with the audience of 35 people took place.