Armenia: How a Small Country Counters the Global Crisis

Author(s): Haroutiun Khachatrian
Editor(s): Lili Di Puppo, Iris Kempe, Matthias Neumann, Robert Orttung, Jeronim Perovic
Series: Caucasus Analytical Digest (CAD)
Issue: 6
Pages: 5-7
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: 2009

Armenia, a small country lacking substantial natural resources and a competitive economy, is potentially very vulnerable to the global economic crisis. The first wave, namely the financial storm that began in September, had no effect in Armenia for the simple reason that the Armenian financial system is very small and had little contact with international financial markets. However, beginning in October 2008, the country felt a strong impact.

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