News - Newspaper: Factors providing high economic growth in Armenia almost completely neutralized

Past daily of Armenia writes as follows, in particular: After the war that started in Ukraine in February 2022, despite the existing pessimistic expectations, Armenia's economy began to register high growth. The source of growth was initially the Russian resettlers who moved to Armenia, who also were bringing capital with them to our country. And after some time, the growth of the economy [of Armenia] already relied on the import and then re-export of precious stones and jewelry raw material imported from Russia, mainly to the UAE and China. But the rate of re-export of jewelry has been declining in recent times. (…). In the recent analysis of the Luys Foundation, it is recorded that the growth rate of economic activity [in Armenia] is gradually slowing down, as the factors that ensure high growth have been almost completely neutralized. (…). The gradual reduction of economic activity will be reflected also in the main financial document: the annual budget [of Armenia]. (…). That is, the [country’s] authorities also realize that we will face economic problems, and the situation is really worrying in a number of branches. Such processes observed in Armenia's economy prove that the country needs economic reforms and innovative approaches. Otherwise, in the event of the removal of favorable external conditions, the decrease in economic growth will eventually bring us to the brink of recession.