| Publication |
2009.
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| Summary/Abstract |
The world crisis interrupted the stable economic growth Armenia had been enjoying for the past fifteen years. Progressive development began in 1994, whereby between 2001 and 2007 the growth indices reached double digits. In 2008, the increase in GDP came to a halt due to the Russian-Georgian war and amounted to only 6.8%. And as early as the first six months of 2009, the GDP began to decrease, dropping as low as 16.3% compared to the same period of the previous year, which is one of the worst indices for the entire CIS. In July, the drop in GDP amounted to 18.7%, which encouraged people to think that the crisis had bottomed out.
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