YEREVAN, SEPTEMBER 30, ARMENPRESS: Head of the Armenia mission of the International Monetary Fund (IMF) Mark Horton considers that decrease of Russia’s economic growth rates will not necessarily bring to decrease of Armenia’s economic growth trends. As Armenpress reports, Mark Horton said this during today’s press conference.

In answer to the question on how the sanctions against Russia influence Armenia’s economy, Horton noted, “In my opinion, the sanctions have already affected Russia’s economy. Armenia’s and Russia’s economies are like each other in sense of development. But we should also mention that in the recent 1-2 years the economic growth rates in Russia have been reducing, whereas in Armenia money transfers have been growing. This year’s monetary transfers first remained unchanged and then decreased.”

In his words, Armenia exports products of nearly 300 million Dollars to Russia and if Armenia tries to increase tenfold its presence in the Russian market, all the same, Armenia’s part in that market will be very small.  “That is why, when the growth rate in Russia reduces, it does not mean that it should influence Armenia’s economy negatively,” said Mark Horton.