Each percentage of the Russian economy decline reduces the level of economic development in Armenia by 0.6%. Such conclusions were published by the World Bank economists. There’s a certain amount of confidence in the estimates of the World Bank, but to say clearly that the performance of the economy of Armenia is completely dependent on the Russian economy is impossible, — says Aza Mihranyan, senior researcher at the Institute of Europe, the Russian Academy of Sciences. “Between the economies of Armenia and Russia, as well as all other CIS countries, there is a close relationship. Armenia is dependent due to the high level of Russian exports and imports from Russia. But most of all on the Armenian economy will affect the income of migrants who work in Russia,” told RUSARMINFO Aza Mihranyan. According to the economist, the decline of economic indicators of Russia can have a positive impact on the Armenian producers.
“By reducing the economic indicators in Russia, the possibility of Armenian producers will increase due to a lower competition situation among the Russian producers,” noted Aza Mihranyan. She also adds that the Armenian side does not need to worry about the falling prices for hydrocarbons. “For Armenia the decline in oil prices, first of all, means a reduction of transport costs, which leads to an increase in competitiveness, particularly in the European market,” stressed the expert. According to the Armenian National Statistical Service, the trade turnover between Armenia and Russia for the first 9 months of 2015 decreased by 14.1% compared to the same period of the last year. The exports from Armenia to the Russian Federation decreased by 27.8%, imports — by 10.4%. Nevertheless, among the CIS countries, Russia remains the largest trading partner of Armenia. The share of foreign trade with Russia amounts to 29.3%.