The Russians had the greatest influence on the economy of Armenia. Ruben Enikolopov, economist and former president of Russia’s New Economic School, says that typically, Russians will leave for less wealthy countries or countries with liberal migration policies. According to different estimates, several hundred thousand to one million people left Russia last year. The same analysts predicted that the South Caucasus GDP would grow by 4.2% by the end of the year, but in practice it grew by 7%.Įconomists could not have predicted mass emigration from Russia following the start of a full-scale invasion of Ukraine. World Bank experts said that in 2021 the global economy began to emerge from the recession caused by the pandemic. Novaya Gazeta Europe has attempted to estimate what impact the newcomers had on the economies of their host countries. On the other hand, the arrival of Russian citizens increased inflation and rental prices. This has become a major economic stimulus for Russia’s neighboring visa-free countries such as Georgia and Armenia – so large that their GDP growth forecasts had to be raised several fold. Several hundred thousand people fled Russia last year due to war and mobilization.
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