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The article discusses the impact of the global financial crisis on the Armenian economy. It outlines the factors which allowed Armenia to largely surpass the direct impact of the global financial crisis. The slowdown of the Armenian economy was caused mostly by the decline in remittances from Russia, shrinking of the construction sector and reduced FDI inflows. As a result, Armenia increased its external debt, requesting assistance from Russia, the Asian Development Bank, IMF and World Bank. Despite its negative impact, the global financial crisis offers an opportunity for Armenia to make sound changes and start the process of de-linking political and economic powers. Unfortunately, it is unlikely that this opportunity will be seized.

 

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Meri Yeranosyan
Meri Yeranosyan
The Premium Corporate Sponsor of TPQ
From the Desk of the Editor During the COVID-19 pandemic, individuals and governments across the globe have been reminded of the value of human life and the delicacy of human psychology. Societies have been forced to conform to governments’ speedy decisions to prevent the spread of the virus, and individuals—from the most vulnerable to the most well-off —were forced to self-isolate. The isolation...
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