S&P Global Ratings: Influx of Russians pushed up Armenia’s GDP by 13.1%

S&P Global Ratings: Influx of Russians pushed up Armenia’s GDP by 13.1%

PanARMENIAN.Net - The massive influx of people from Russia has pushed up Armenia’s GDP by 13.1% in the first half of the year—far above early-2022 market expectations, S&P Global Ratings says in a fresh report.

The report said that running against the tide, the currencies of Armenia, Georgia, and Tajikistan have been steadily appreciating over the course of 2022. Exchange rates of these currencies are now significantly above their levels prior to the Russia-Ukraine conflict and among the strongest performers across emerging markets so far this year.

After dropping in early March, the Armenian dram has rallied about 30% against the U.S. dollar. Surging financial transfers from Russia have supported balance of payments in the country.

Central Asian And Caucasus economies have experienced a massive influx of people from Russia, who fled the country after the start of Russia-Ukraine conflict. Exact data is not available, but estimates point to about 150,000-300,000 who fled Russia from February to midApril, with most now residing in Central Asia and the Caucasus, Turkey, and the EU.

 Top stories
Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”.
Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision.
The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision.
Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.
Partner news