YEREVAN, March 15 (Xinhua) -- The Central Bank of Armenia on Tuesday revised its forecast for the economic growth of the country for 2022.
According to Martin Galstyan, president of the Central Bank, the bank now forecasts 1.6 percent economic growth for the year.
"The economic growth forecasts have been lowered from the previous 5.3 percent to 1.6 percent," he said at a news briefing in Yerevan.
He noted that the impact of current sanctions against Russia on Armenia's economy will be reflected by significant slowdown of the economic growth rates.
Meanwhile, the decline in forecast is also conditioned by certain drop in the field of industry, he added.
While forecasting the declined growth in the GDP, the Central Bank will keep the fiscal policy unchanged. ■