Armenia: A Strange Crisis With an Optimistic Outcome

Author(s): Haroutiun Khachatrian
Editor(s): Iris Kempe, Matthias Neumann, Robert Orttung, Jeronim Perovic, Lili Di Puppo
Series: Caucasus Analytical Digest (CAD)
Issue: 18
Pages: 2-4
Publisher(s): Center for Security Studies (CSS), ETH Zurich; Jefferson Institute, Washington D.C.; Heinrich Böll Foundation, Tbilisi; Research Centre for East European Studies, University of Bremen
Publication Year: 2010

Armenia was one of the countries most severely hit by the global crisis of 2009. However, despite the sharp decline in GDP, the consequences for the larger economy were not as dramatic as initially expected. This was mainly due to the specific nature of the crisis which affected almost exclusively the construction sector, as well as the result of anti-crisis measures implemented by the Armenian government which managed to stabilize the situation through international loans. Moreover, it seems that the crisis of 2009 resulted in an overall structural adjustment of the country's economy which could have positive effects for the future.

Download:

English (PDF)