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“What happens in the world economy directly effects the economic figures registered in Armenia. We cannot predict any figures without taking into account the global developments,” the Minister of Finance of the Republic of Armenia Vardan Aramyan said during the discussion of 2017 Draft State Budget in the National Assembly.

The minister noted that International economic organizations predict slightly accelerating economic growth in 2017. In 2016 3.1 percent economic growth is expected and in 2017 that figure makes up to 3.4 percent.
“The most important this is the economic growth is mainly expected in developing countries and in countries in transition. One of the most important factor is the economic development in Russia,” V. Aramyan noted.

According to him Armenia is related to Russia with economic ties and all the economic developments in the RF has its impact on the Armenian economy. In his words the RF economy continues to decline in two consecutive years. The experts claim that it is high time to enter a phase of recovery, thus the experts expect economic growth in 2017.

Turning to the commodity market, which also has its effect on the microeconomics in Armenia, V. Aramyan said that the world organizations expect price increase in old market. In 2015 47 percent decrease was registered in oil market, in 2016 15.4 percent decrease is expected and in 2017 around 18 percent decrease is expected.

Vardan Aramyan mentioned that a slight increase in metal prices is also expected.