2024-07-08 10:34:14
As a result of the crisis in Russia, Armenia’s export sector was more affected, RA Economy Minister Vahan Kerobyan said in response to Aysor.am’s question.
According to him, all exporters to Russia feel a reduction in exports.
“If we had a 25-27 percent increase in exports according to the operative data of February, then in March the exports to Russia decreased. “According to the data of a few days ago, there was a 30 percent drop in exports to Russia, which is very worrying,” he said.
Kerobyan mentioned that now they are working with exporters to quickly revise the contracts already under new prices, as a result of which export volumes will start to increase sharply, because the deficit caused by the withdrawal of many Western companies from the Russian market suggests that Armenia can increase its share in the Russian market.
“There are many opportunities and risks, rating companies and international financial companies approach a more conservative point of view, that is, they consider that all risks will happen and none of the opportunities will be realized and, according to this, they say that the economic growth will not be 5.6 percent, or 1.5 or 1.6 percent. We must make sure that all risks are realized as little as possible and all opportunities are realized as much as possible. Our target, to ensure 7 percent economic growth, still remains in force and we are not going to give up easily,” said the Minister of Economy.
It should be noted that according to Fitch Ratings international rating agency, Armenia will be negatively affected by the consequences of the crisis in Russia. Fitch Ratings has sharply reduced the growth forecast of Armenia’s economy.