Slowdown of Russian economy does not necessarily mean adverse outcomes for Armenia, told IMF mission chief to Armenia, Mark Horton, at the conclusion of the mission’s visit to the country.

He mentioned that Armenian economy has stronger links to Russia than its regional peers do. Still, one must keep in mind that the Armenian exports to Russia have totaled $280 mln in 2013, and this is but a drop in the ocean against the approximately $400 bln of the total trade of just the capital city of Moscow. “So Armenia is tightly linked to the Russian economy, but it does not necessarily mean it is destined to follow the ebb and flow of the economic performance of Russia”, told Horton. 

He noticed that Russian market is in demand of new labor force, following the country’s poor demographic record. And Armenians already have a strong position in that market. “They don’t occupy lowest-rank jobs, but are well up the scale”, he added, concluding that the remittance flow from Russia is expected to remain strong.

“Finally, we understand that Russian authorities are tightening restrictions on migrant workers, but maybe Armenia’s expected entry into the Customs Union will make the conditions somewhat milder for Armenian citizens”, Horton concluded.