“It is necessary to conduct such a policy that does not hinder or constrain the discovery of economic potential but comes to strengthen that potential. That is why we believe that the vision of the development of our economic cooperation with our immediate neighbors, the Russian Federation, the European Union and the countries of the Greater Middle East, China, should be decisive in the foreign policy steps and the decisions taken,” this is the conclusion came to the Eurasian expert club, analyzing the 2022 economic indicators, comparing them with previous years’ hands and trends. The eighth economic research of the Eurasian Expert Club was presented in the press hall of “Sputnik Armenia” on the topic “Armenia’s economy in 2022, in the context of our country’s membership in EAEU”.
The goal of the annual research, as presented by the club’s coordinator, political analyst Aram Safaryan, is to stimulate the interest of Armenian society and the political field in the modern processes of the Eurasian Economic Union and Eurasian integration. Aram Safaryan made four essential conclusions based on the studies conducted by the working groups of economics professors Ashot Tavadyan and Tatul Manaseryan. First, the Eurasian Economic Union has become RA’s leading foreign trade and economic partner. More than 47% of Armenia’s exports and more than 31% of its imports are accounted for in this direction; business with not only the Russian Federation but also with Kazakhstan, Belarus, and Kyrgyzstan is consistently increasing year by year.
“This means that all those scientists and experts were right, who in the last decade confidently asserted that cooperation within EAEU has a huge potential to develop Armenia’s economy.” The second conclusion is that trade and economic cooperation with the Russian Federation is overgrowing. “Russia is the main military-political ally of Armenia and the leading partner in the economic sphere. The total volume of Russian investments in the Armenian economy is 2 billion dollars.
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The export of the Republic of Armenia to Russia in 2022 grew 2.9 times, making a record $4.1 billion. Compared to 2015, our exports to the Eurasian Economic Union have increased about ten times. Russia is Armenia’s most promising partner, and our exports to Russia are the most diversified. Our finished products are directed to Russia, and this trend has the nature of continuous growth.”
According to the speaker, the third vital record is that Armenia’s exports are growing in all directions, and imports are increasing in almost all types of products. “2022 has shown unprecedented development trends for all branches of the economy. An opportunity was given to think seriously not only about increasing the various forms of state support for the future directions of the economy but also about solving the accumulated social problems of the population step by step. It is important to make efforts in the economy in 2022. to maintain the recorded development trends as much as possible”.
The fourth protocol refers to regional and global international processes and the 2023 threats of recession. For RA, the World Bank and other international rating agencies cautiously predict more than 4% growth. Economists of the Eurasian Expert Club believe that economic growth trends will decrease in the second half of this year. Still, if the favorable business climate and observed economic successes continue correctly, there is a chance for 2023 to increase the growth of the Armenian economy to 5-7%.
Nelly GRIGORYAN
