Russia's economic slowdown will continue to adversely affect Armenian economy due to the trade and financial linkages between the two countries, Armenpress news agency reported Thursday.

The country witnessed a stronger than expected decline in net exports and slowing remittances in the first half of 2014, said the report.

Moody's recently revised Armenia's growth forecast down to 2.1 percent in 2014 and 2.3 percent in 2015 from 3.2 percent and 3.6 percent respectively.

The revised figures are based on Moody's forecast for the Russian economy to contract by 1.0 percent in 2014, followed by stagnation in 2015, Armenpress reports, citing experts of Moody's.

The experts also emphasize that nearly a quarter of Armenia's export and import, 45 percent of direct foreign investment (FDI) in 2008-2012 and about 90 percent of money transfers falls to the share. Endi

Go to Forum >>0 Comment(s)