Armenia would lose 23% of GDP from EU accession — Security Council of Russia

Armenia would lose about 23% of its GDP in the event of joining the European Union, even by the most conservative estimates, said Alexey Shevtsov, Deputy Secretary of Russia’s Security Council.

“Overall, accession to the EU would, by the most modest and conservative calculations, cost Armenia around 23% of its GDP, while a sharp contraction of the labor market (by 10.5 percentage points) and a rise in inflation by 22.6 percentage points would lead to a significant decline in living standards. Domestic consumption would fall by more than 20% from current levels. Further increases in energy prices, including natural gas, are also expected,” Shevtsov said, as quoted by the press service of the Russian Security Council.