Armenia could lose around 23% of GDP if it joins the EU, natural gas prices expected to rise – Russian Security Council

Armenia could lose about 23% of its GDP if it joins the European Union, according to the most modest estimates, Deputy Secretary of the Russian Security Council Alexei Shevtsov said.

“In general, according to the most modest estimates, joining the EU will cost Armenia about 23% of GDP. At the same time, a significant contraction of the labor market (by 10.5 percentage points) and an increase in inflation by 22.6 percentage points would lead to a substantial decline in living standards. Domestic consumption is expected to fall by more than 20% compared to current levels. A further rise in energy prices, including natural gas, is also anticipated,” Shevtsov said, as quoted by the press service of the Russian Security Council.