Armenia could record 7% economic growth this year - expert 

ArmInfo.The Eurasian Economic Union (EAEU) is Armenia's principal partner, Aram Safaryan, Coordinator of the Eurasian Expert Club, stated at a press conference  on Wednesday. 

The EAEU member-states' share in Armenia's exports in 47% and their  share in Armenia's imports is over 13%. Armenia's trade with Russia,  Kazakhstan, Belarus and Kyrgyzstan is growing year by year, which  means Armenia has tremendous potential for in the EAEU space.  Trade  with Russia - not only Armenia's major political ally, but also its  leading economic partner - is exponentially growing. Russian  investments in Armenia's economy total $2bln. Armenia's exports to  Russia recorded a 2.9-fold growth last year, up to $4.1bln. Armenia's  exports to the EAEU member-states have grown 10-fold since 2015. 

Russia is Armenia's partner with the greatest potential, with Armenia  showing the most diversified approach in terms of export. Armenia is  exporting finished products to Russia, with exports showing a  consistent trend. 

"Last year showed an unprecedented growth in almost all sectors,  which enabled cooperation between various branches of economy in  terms of both output and solving social problems," Mre Safaryan said. 

Referring to international agencies' forecasts, the expert spoke of  the possibility of two recessions within a decade. According to the  forecasts, the USA's GDP growth will be only 0.5%, Europe's, 0%, with  China to record a 4-fold growth. Russia is expected to reduce the GDP  decline to a minimum. 

"In Armenia's case, the World Bank and a number of rating agencies  are cautiously forecasting 4% economic growth, with 4.5% inflation.  Armenian experts are forecasting a slower GDP growth in the latter  half of 2023. However, with a favorable business environment and  proper implementation of government programmes, Armenia could record  economic growth of 4-5 and even 7 percent," Mr Safaryan said.