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The devaluation of the Russian ruble in 2023 may lead to the fact that the purchasing power of the Russian population will decrease; that is, Russian residents will be able to purchase fewer goods and services with the same amount of money. Armenian economist Tatoul Manaseryan said this during Tuesday’s discussion on the topic of "Armenia and the main directions of development of Eurasian integration in the foreseeable future."

"Naturally, in that case, we will have a reduction in the amount of exports of goods from Armenia to the Russian market. And due to the devaluation of the ruble, Armenian products will become uncompetitive in the Russian market," he added.

In turn, according to Manaseryan, it is impossible to talk about modern realities in Armenia, Russia, and the rest of the EAEU (Eurasian Economic Union) without taking into account and assessing the sanctions being imposed by the West.

At the same time, as per the economist, it can be predicted that as a result of these sanctions, there will be losses both in the economy in general and in the financial sector. In particular, investments, the amount of private remittances will decrease, and the drop in the solvency of the market may lead to a decrease in the amount of goods being exported from Armenia.

"The participation of Russian capital in our economy is quite large. And in such a situation, investments will also decrease, as in case of sanctions, Russia cannot implement investment projects in our country at the same pace. Russian capital has a large share in the banking system, so problems may arise here. If the sanctions remain in place for a long time, the problems may increase. But it is to be hoped that that solutions will be found anyway. Of course, Russia is not a country where sanctions will have a unilateral negative impact. The West is also suffering [from these sanctions]. Many companies from America and many European countries have operated in the Russian market with considerable profit;  that is, the losses are not unilateral.

"In our opinion, some trends of 2022 may continue in 2023 as well. It is safe to predict further growth of business activity, which this time may be below 9 percent if there will be no external contributing factors and prerequisites.

“Our forecasts are somewhat different from the forecasts of influential international organizations in terms of numbers, but they coincide with the forecasts of positive trends. Thus, in September last year, the EBRD [(European Bank for Reconstruction and Development )] had predicted an 8 percent growth in Armenia's economy in 2022, and a slowdown to up to 4 percent in 2023. At this phase, the mentioned forecast remains unchanged at the level of 4 percent," the economist added, in particular.

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