Armenia: Recent Economic Developments and Selected Issues
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.
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Volume/Issue:
Volume 1999
Issue 128
Publication date: November 1999
ISBN: 9781451801439
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Topics covered in this book
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Business and Economics , Banks and Banking , Money and Monetary Policy , Public Finance , ISCR , CR , Armenia , GDP , process , rate , company , deficit , loan , proceeds , revenue , foreign currency , exchange rate , treasury bill , tax system , banking sector , Commercial banks , Monetary base , Exchange rates , Currencies
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.
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