Independent and cutting-edge analysis on Turkey and its neighborhood

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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CONTRIBUTOR
Meri Yeranosyan
Meri Yeranosyan
From the Desk of the Editor TPQ’s Winter issue examines global trade dynamics—from US-China tensions to the renegotiation of the North American Free Trade Agreement (NAFTA) to US tariff threats towards the EU. Chief among the issues generating a high degree of economic uncertainty is the US-China trade conflict and the magnitude of the emerging global fallout. Major changes are already afoot—namely a shift...
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