EEU economic growth paved way to progress also in Armenia - expert

14:00 • 15.07.17

Armenia’s economy showed signs of a steady progress in January-May, Aram Safaryan, a coordinator of Integration and Development (Yerevan-based expert club) said today, citing recent analysis by the Eurasian Expert Club.

According to him, the positive forecasts issued by the Russian Central Bank president earlier this year promise a 2.5%-3% (or even 3.4%) economic growth for the country against the 0.2% recorded in 2016.  


Safaryan said he expects the highest records in the export of goods, which saw a double-digit growth in the above period. “We are positively disposed; the textile and shoe industries, which seemed to have gone idle, show signs of development in the light of EEU integration,” he said.


The expert also highlighted the growth in tourism, noting that the recently enforced legal measure allowing Russian citizens to travel to Armenia with internal passports has contributed to a 25% increase in the number of the Russian tourists.


Meantime, he admitted that certain sectors such as agriculture and development do not absolutely see a growth but added that the integration into the common market allows the domestic manufacturers to export their agricultural produce to the Russian Federation.


Safaryan also addressed the Russia-West confrontation which he said isn’t going to end in the light of the continuing embargo policy. “Against the background of generally positive expectations, such details as the tax and customs, and government bodies' work, as well as the activities of credit and banking institutions, and negotiations by politicians towards increasing those opportunities, gain significance. The past and the coming years' developments will be highly dependent on those factors,” he added.

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