Armenian economy shows signs of activation – Eurasian Expert Club
20:59,
YEREVAN, 11 FEBRUARY, ARMENPRESS. The indescribable efforts made by Armenian businessmen last year have significantly contributed to the recovery of the Armenian economy following the huge economic depression of 2020, ARMENPRESS reports Coordinator of the Eurasian Expert Club, political analyst Aram Safaryan said at a press conference, presenting the results of the new research of the Eurasian Expert Club on the Armenian economy.
The Expert Club, with the help of its leading economists, has presented a new, the 7th study on the Armenia's economy in the context of Armenia's membership to the Eurasian Economic Union (EEU).
In particular, Doctor of Economics, Professor Tatul Manaseryan found out in his research that after a severe 8% decline in 2020, the Armenian economy is showing signs of recovery.
According to the coordinator of the Club Aram Safaryan, Manaseryan singles out 4 main factors that contributed to the 5.8% economic growth in 2021. The first of them is the efforts of the Armenian businessman.
"Armenian businessmen have made indescribable efforts to rectify the situation after the 8% economic downturn in 2020, to record growth, thus providing a huge moral and financial benefit to our country. That is why we would like to express our words of praise to the representatives of the Armenian business field, who mainly produce finished goods and export them abroad. This is really a bravery,"the coordinator of the Eurasian Expert Club stressed.
The second important factor was the ban on the import of goods from Turkey in 2021, which stimulated the development of local products to replace imports.
"That one year was enough for the local producers, who replaced the import, to breathe and try to stand on their own two feet. You also noticed a lot of small and large household goods in stores, which have started to be produced in Armenia when the Armenian consumer got the opportunity to buy local products instead of those imported from Turkey," says Aram Safaryan.
The third factor contributing to economic growth, according to the economic study, is Armenia's membership to the EEU, and the fourth was the removal of many restrictions initiated by the government, which were introduced in 2020 to fight the coronavirus.