Eurasian market irreplaceable for Armenia’s economy

YEREVAN, AUGUST 26, ARMENPRESS. The Eurasian Expert Club has presented another research: Armenia’s economic activity index has increased by 10.5% in the first six months, which was unexpected because leading international credit organizations were forecasting much lower indicators in late 2021 and for the first half of this year, Coordinator of the Eurasian Expert Club, political analyst Aram Safaryan said at a press conference in ARMENPRESS.

He said that Armenia’s GDP grew 8.5% compared to the same period of the previous year, which, he called, a major figure.

“The market of the Eurasian Economic Union is the most favorable for Armenia. In the past three years the EAEU role for Armenia has gradually increased. In case of a right work and positioning, our country could further increase its economic ties with this space”, he stated.

Safaryan noted that the development of commercial relations has already created ongoing processes, the most dramatic of which is the increase in poverty.

“In the end of the year we will have some cut in extreme poverty, but the World Bank and other organizations are alarming that in line with the double-digit economic growth we will also have an increase in poverty in the end of the year”, he said, adding that the overall poverty level in the country will rise from 27% to 48%.

“Our trade-economic cooperation with Russia is the largest investment in the strengthening of our country’s security, safety. The Eurasian market is irreplaceable for the economy of Armenia, and we should increase our efforts in the Eurasian market”, Aram Safaryan said.

Doctor, Professor in Economics, member of the Eurasian Expert Club, Tatul Manaseryan said that the Eurasian Economic Union is just giving an oxygen to Armenia in terms of ready-made products. “Russia has been and will remain a dignified and serious partner with Armenia in commercial relations”, he said.

As for economic threats, Manaseryan said that Armenia could have a serious participation to the cut of these threats during the session of the Eurasian Intergovernmental Council, particularly in the issue of ensuring food safety, information security and intellectual, financial security.

Doctor, Professor in Economics, member of the Eurasian Expert Club, Ashot Tavadyan stated that the Eurasian Economic Union is playing an important role from the perspective of Armenia’s economic growth.

“If in 2020 we were exporting the 25% of our production to EAEU, now we are exporting the 30% of our whole production”, he said, adding that there is a serious gap in the trade balance in Armenia.

“Last year the import exceeded the export 1.7 times, but this year it is 1.82 times. Unemployment in Armenia is in double digits. There are also serious problems in terms of migration”, he stated.