The Global Financial Crisis: Impact on Armenia, Summer 2009

Saturday, September 5, 2009 | Download PDF in English

The Armenian economy had already been hit hard by the Russian Georgian war in August 2008 when the global financial crisis developed. Despite being protected by a strong banking system, the country experienced significant economic downturn. One of the reasons for this was the drop of remittances from Russia. This article describes these dynamics while also analyzing the government bailout program and investment plans.

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Samvel Avagyan

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