The development of the circular economy is one of the priorities of the EU, but almost almost no economic analyzes on it is conducted in Armenia. Vardan Aleksanyan, Deputy Dean of the Faculty of Economics and Management, Candidate of Economic Sciences, Associate Professor, in cooperation with colleagues from Germany and Romania, published a scientific article in the international periodical "Sustainability".
The growing demand for material goods and services conflicts with the limitation of resources, which necessitates the transition from a linear economy to a circular economy, the goal of which is to have a zero-waste economy. Resources may be reused and recovered and waste may be recycled to create new production.
Scientific article titled "Circular Pathways to Sustainable Development: Understanding the Links between Circular Economy Indicators, Economic Growth, Social Well-Being, and Environmental Performance in EU-27" aims to reveal the intricate relationships between the CE and the economy–society–environment nexus across 27 EU countries during the period from 2012 to 2020.
Utilizing a dataset comprising 243 observations drawn from the EUROSTAT database, we conducted an econometric analysis. The research aimed to quantify the impact of circular economy indicators on macroeconomic dependent variables, namely GDP per capita (economic dimension) and greenhouse gas emissions (social dimension).
The findings of research illuminate that resource efficiency, waste recycling, trade of recyclable raw materials, energy efficiency, private investment and gross added value related to the circular economy have a positive impact on the economic, social and environmental indicators of EU countries.
Emphasizing the importance of the choice of the topic, Vardan Aleksanyan noted that the circular economy model is not implemented in any part of the Armenian economy. For instance, if the global indicator of plastic recycling is estimated at around 50%, then the given indicator in RA is around 15%, which is a very low indicator in the whole world.
"This research conducted in the direction of the experience of the European Union countries in the development of the circular economy is not only one of the first economic studies, but also the most important premise and scientific basis of the development of the structures and state policies of the transition towards the circular economy of RA," said V. Aleksanyan.
For the Deputy Dean of the Faculty of Economics and Management the publication in the international Q2 ranking scientific journal has opened many opportunities of new international cooperation: conduction of joint research, participation in conferences, offers to publish articles in international periodicals, etc.
The scientific team will continue the cooperation for further studies of the field, developing the idea of the circular economy, which will later provide an opportunity to present clear proposals to the RA Government.
Vardan Aleksanyan emphasized that YSU has wide opportunities to establish international relations, and in order to fill that gap in the field of economics, the faculty, led by the Dean, repeatedly discusses the possible ways of international cooperation, which will contribute to the improvement of the quality of education, the development of the field and, in general, the internationalization of the university.
It should be noted that Vardan Aleksanyan published two other articles together with foreign colleagues. In cooperation with colleagues from Ukraine and China, the scientific article titled "Do financial auditors impact sustainability reporting? The effects of big four financial audits on the quality of CSR reports in China" was published in the "Intellectual Economics" periodical (Scopus Q2). In cooperation with Armenian and Romanian colleagues, the scientific article titled "The econometric analysis of the exports and foreign exchange rates impact on wine production: the case of Armenian wine industry" was published in the "Web of Science" periodical.
