Dampened recovery in the context of uncertainty
Forecast
FOR 01 | 2021
Makroökonomische Analysen und Prognosen
- Recovery process after COVID-19 and military conflict in 2020 protracted, mainly due to uncertainty; economy on lower growth path, pre-crisis levels not reached until 2023
- 2021: Private consumption and investment weak in 2021, main growth impact comes from government spending (expected to be higher than in current budget plan)
- 2022: Armenia catches up, as world economy recovers and political uncertainty subsides, stimulating external trade and private investment, respectively