La Gazette du Caucase on economic crisis in Armenia: the only way out is through peace with Baku

A few days ago, the Armenian service of Radio Liberty published an analysis of the growth of the Armenian economy over the past year, which clearly showed what actually caused the significant growth: only the re-export of European goods to Russia.

On the one hand, Paris strongly opposes the re-export of goods to Russia, but on the other hand, it seems to turn a blind eye to the fact that this concerns its "friends".

This situation has led to another problem - a decrease in tax revenues. According to the latest data, the State Revenue Committee of Armenia has collected as much as 300 million US dollars less than provided for in the state budget for 2024.

"As a result, the tax revenues of the Armenian government are significantly lower than the target set for the first half of this year, which plunges the country into a deepening economic crisis. This is due to the fact that the country produces little, and the policy pursued by nationalist extremists has isolated it from its neighbors, with whom economic exchange has stopped," the article says.

The authors rightly conclude that normalization of relations with Azerbaijan seems to be the only way out of the economic crisis for Armenia.

Four years after the end of the Second Karabakh War, Armenia still does not participate in significant regional economic projects. France is not the driving force behind Armenia's economic growth, but rather Russia. The Armenian authorities must understand that a peace agreement with Baku is the best solution for economic recovery. This would open up opportunities to connect to major regional projects - transit, energy and many others. It is important to remember that they are all connected with Azerbaijan. But the question remains - will Paris allow it?