YEREVAN. – Armenia’s economy was hit quite hard ever since the country’s accession into the [Russia-led] Eurasian Economic Union, economist Mikayel Mikayelyan stated at a press conference on Friday. 

He noted that it is unknown how long the current sanctions against Russia will continue.

“The exports from Armenia reduced this year,” Mikayelyan added. “The purchasing power of the [Armenian] people decreased, money remittances from Russia have substantially reduced, the national debt has grown, [and] the [country’s] economy is not in good condition. In case of a sharp growth in the [budget] deficit (…), the 2016 [State] Budget draft does not give cause for optimism.”