Refusal of membership in the Eurasian Economic Union could lead to even more negative consequences for the Armenian economy, Tadevos Avetisyan, program coordinator of the Office of Economic Research of the ARF Bureau told reporters on Tuesday.

According to him, this is due to the fact that Armenia and other member states have existed in the same economic environment for 70 years, which allows for more effective cooperation in various fields.

“The question is how the authorities are working to create an export-oriented economy, what is being done for this, except for the statements that poverty lies in the head. There is no strategy for economic development, including on the issue of relations with foreign partners. Instead, there was such a situation that the authorities did not want to take risks and pursue an effective policy on spending funds. An investor is most frightened when they declare one thing, but the real picture is different, and every day the words and reality diverge further and further,” he said.

Avetisyan added that there are risks in servicing the public debt, but they are manageable, which is associated with macroeconomic stability, which is still preserved.

“The presence of external debt in itself is not a terrible phenomenon. The question is how these funds are spent. If the state cannot fulfill its obligations and efficiently spend domestic resources, then how will it use external money?” Avetisyan concluded.