Ukrainian crisis and weakening of Russian ruble to negatively affect Armenia

Photo: Ukrainian crisis and weakening of Russian ruble to negatively affect Armenia / Armenia

The continuing Ukrainian crisis and the weakening of Russian ruble can have a negative impact on Armenia's economy, the World Bank (WB) report, "Armenia: in search of more activity" said, Mediamax reported on April 9.

The negative consequences can be manifested as decrease of export volumes, as well as decrease in the volume of transfers to Armenia by the migrants working in Russia, according to WB forecasts.

"The economic slowdown in Russia can play a key role in Armenia's economic growth, as Armenia is largely dependent on Russia in the sphere of import, money transfers and foreign investments. The prolonged recession in the euro zone is another risk, since one third of Armenia's export falls to the European Union. The tightening of global financial conditions is another problem for Armenia which is a newcomer in the international capital market," WB report said.

Translated by L.Z.

Edited by C.N.

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