The Armenian economy has grown significantly due to emigrants from the Russian Federation

In 2022 alone, about 110 thousand people left the Russian Federation for Armenia. Russians consume local goods and services, which has provided Armenia with economic growth in key sectors, the local Central Bank and analytical services noted.

In particular, during the period from January to September, trade turnover in Armenia increased by 23%, Russians registered 6.5 thousand enterprises and individual entrepreneurs. The influx of funds in the accounts and deposits of local banks amounted to $3 billion.

According to IMF forecasts, Armenia's GDP will grow by at least 7% by the end of 2023. The country was called the economic driver of both the South Caucasus and the entire post-Soviet space.

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