{"id":249580,"date":"2020-11-17T17:41:46","date_gmt":"2020-11-17T17:41:46","guid":{"rendered":"https:\/\/armbanks.am\/2020\/11\/17\/249580\/"},"modified":"2020-11-17T17:41:46","modified_gmt":"2020-11-17T17:41:46","slug":"the-2020-budget-deficit-to-grow-to-7-1-from-earlier-projected-2-3","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2020\/11\/17\/249580\/","title":{"rendered":"The 2020 budget deficit to grow to 7.1% from earlier projected 2.3%"},"content":{"rendered":"\n<p><strong>YEREVAN, November 17. \/ARKA\/.<\/strong> The 2020 budget deficit will grow to 7.1% instead of the 2.3% projected at the beginning of the year, Chairman of the Central Bank of Armenia Martin Galstyan said in parliament on Tuesday.<\/p>\n\n\n\n<p>He said the economic development in 2020 was driven by the coronavirus crisis, economic constraints and&nbsp;&nbsp;the growing uncertainty due to the&nbsp;&nbsp;martial law.<\/p>\n\n\n\n<p>According to him, both supply and demand contributed to the deep economic downturn, resulting in a decrease in private spending.<\/p>\n\n\n\n<p>&#8220;However, the expansionary policy was expressed in an increase in the deficit and public debt. At the beginning of the year, the budget deficit was expected at 2.3%, due to the coronavirus it was revised and, according to September data, was expected at 6.1%, but according to the current forecast for the year we expect it at 7.1%, which is due to both an increase in government spending in the context of war in Karabakh&nbsp;&nbsp;and a decrease in tax revenues as a result of a slowdown in economic activity,&#8221; Galstyan said.<\/p>\n\n\n\n<p>As for macroeconomic estimates, he said the GDP growth&nbsp;&nbsp;for 2021 is projected at 3.2%, which from the point of view of supply will be expressed by growth in all spheres of the economy.<\/p>\n\n\n\n<p>&#8220;It is expected that gross demand compared to 2020 will show recovery trends, due to the growth of both domestic consuming and investment spending,&#8221; Galstyan said.<\/p>\n\n\n\n<p>The draft state budget for 2021 calls for 1 trillion 569.06 billion drams in revenue and 1 trillion 843.1 billion drams in spending. The projected budget deficit is f 274 billion drams (4.1% of GDP). Economic growth is foreseen at 4.8%, and inflation is set at 4% (\u00b1 1.5%). ($1 &#8211; 497.14 drams). \u20130&#8211;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 2020 budget deficit will grow to 7.1% instead of the 2.3% projected at the beginning of the year, Chairman of the Central Bank of Armenia Martin Galstyan said in parliament on Tuesday<\/p>\n","protected":false},"author":1,"featured_media":193383,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[12139,9216],"tags":[15837,14186,511],"class_list":{"0":"post-249580","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy-en","8":"category-news","9":"tag-armenia-2","10":"tag-budget-deficit","11":"tag-511"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/249580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=249580"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/249580\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/193383"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=249580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=249580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=249580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}