Armenia: Recent Economic Developments and Selected Issues
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Summary:
This paper reports economic developments in the Republic of Armenia during 1998–99. Prior to August 1998, real GDP growth was strong, inflation had declined to moderate levels, the current account deficit was declining, and the exchange rate was stable. The Russian crisis, however, hit Armenia hard. Exports, workers’ remittances, and transfers fell sharply. This led to declining demand for output in industry, transportation, and services. In addition, Armenia suffered a decline in portfolio and direct foreign investment.
Series:
Country Report No. 1999/128
Subject:
Banking Commercial banks Currencies Exchange rates Financial institutions Foreign exchange Monetary base Money Revenue administration
English
Publication Date:
November 15, 1999
ISBN/ISSN:
9781451801439/1934-7685
Stock No:
1ARMEA0011999
Pages:
83
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