Plunging prices on global oil market make Armenia's economic perspectives dim – economist
The reported decline in the international oil prices create uncertainties also for Armenia as the country realizes most of its exports in the EAEU member states, particularly Russia, which is now facing currency decline, says Ashot Tavadyan, a doctor and professor of economy.
In an interview with Tert.am, the expert shared his predictions also of positive trends, noting that the lowering component in the total price makes products competitive in the short run.
The economist ruled out a decrease in Russian transfers which he said have shown steady dynamics over the recent period.
″We will be experiencing a certain loss of transfers in the form of Dollars,″ he said, stressing the importance of management skills to resolve the emerging economic challenges.
The expert also shared his concerns over the uncertainties linked to the global outbreak of the Chinese coronavirus infection. He agreed that the closed borders with Turkey and Azerbaijan one the one hand, and the risks of the virus penetration from the neighboring states (Iran and Georgia) on the other, will reflect on the domestic economy in a negative light.
″It will have its negative impact on the economy, entailing possible negative dynamics in the tourism sector,″ Tavadyan said.
Asked to comment on the possible government measures to resist the challenges, the economist proposed elaborating a joint program in collaboration with the Central Bank of Armenia (CBA). ″Those programs must be tailored to address any scenario, both positive and negative,″ he added.
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