Armenia: Recent Economic Developments and Selected Issues

International Monetary Fund

No 1999/128, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: 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 (search for similar items in EconPapers)
Pages: 83
Date: 1999-11-15
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