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IMF OFFICIAL: SLOWDOWN OF RUSSIAN ECONOMY IS NOT A DOOM FOR ARMENIA
March 24, 2014 | 18:59
Slowdown of Russian economy does not necessarily mean adverse outcomes
for Armenia, told IMF mission chief to Armenia, Mark Horton, at the
conclusion of the mission's visit to the country.
He mentioned that Armenian economy has stronger links to Russia than
its regional peers do. Still, one must keep in mind that the Armenian
exports to Russia have totaled $280 mln in 2013, and this is but a drop
in the ocean against the approximately $400 bln of the total trade
of just the capital city of Moscow. "So Armenia is tightly linked to
the Russian economy, but it does not necessarily mean it is destined
to follow the ebb and flow of the economic performance of Russia",
told Horton.
He noticed that Russian market is in demand of new labor force,
following the country's poor demographic record. And Armenians
already have a strong position in that market. "They don't occupy
lowest-rank jobs, but are well up the scale", he added, concluding
that the remittance flow from Russia is expected to remain strong.
"Finally, we understand that Russian authorities are tightening
restrictions on migrant workers, but maybe Armenia's expected entry
into the Customs Union will make the conditions somewhat milder for
Armenian citizens", Horton concluded.
News from Armenia - NEWS.am
From: Baghdasarian
March 24, 2014 | 18:59
Slowdown of Russian economy does not necessarily mean adverse outcomes
for Armenia, told IMF mission chief to Armenia, Mark Horton, at the
conclusion of the mission's visit to the country.
He mentioned that Armenian economy has stronger links to Russia than
its regional peers do. Still, one must keep in mind that the Armenian
exports to Russia have totaled $280 mln in 2013, and this is but a drop
in the ocean against the approximately $400 bln of the total trade
of just the capital city of Moscow. "So Armenia is tightly linked to
the Russian economy, but it does not necessarily mean it is destined
to follow the ebb and flow of the economic performance of Russia",
told Horton.
He noticed that Russian market is in demand of new labor force,
following the country's poor demographic record. And Armenians
already have a strong position in that market. "They don't occupy
lowest-rank jobs, but are well up the scale", he added, concluding
that the remittance flow from Russia is expected to remain strong.
"Finally, we understand that Russian authorities are tightening
restrictions on migrant workers, but maybe Armenia's expected entry
into the Customs Union will make the conditions somewhat milder for
Armenian citizens", Horton concluded.
News from Armenia - NEWS.am
From: Baghdasarian