S&P Global Ratings: Influx of Russians pushed up Armenia’s GDP by 13.1%November 11, 2022 - 15:14 AMT 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 | Kazakh Foreign Minister arrives in Armenia Kazakh Foreign Minister Murat Nurtleu on Monday, March 18 arrived in Armenia for a two-day trip. Aliyev touts “good chances” for normalizing ties with Armenia Azerbaijani President Ilham Aliyev has declared that there are “good chances” for normalizing relations with Armenia. Putin secures fifth term as Russian president Russian President Vladimir Putin has secured a fifth term in office through a dubious national plebiscite. Top Armenian, Indian defense officials discuss cooperation The discussions primarily focused on enhancing cooperation in the defence sector between Armenia and India. |