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.
