IMF Staff Country Reports

Armenia’s economy has been hit hard by twin shocks: the COVID-19 pandemic (now in its second wave), and the recent military hostilities involving the Nagorno- Karabakh conflict zone. Reflecting these shocks, growth is expected at -7¼ percent this year, with the fiscal deficit and debt rising considerably. Nonetheless, the authorities have responded promptly with healthcare and anti-crisis measures to limit the pandemic’s impact while protecting vulnerable groups and safeguarding macroeconomic stability.