Armenia: Recent Economic Developments
December 19, 1995
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This paper reviews economic developments in the Republic of Armenia during the 1990s. Real GDP declined by a cumulative 60 percent in 1992–93; price changes reached hyperinflation levels in late 1993; and real wages declined by nearly 50 percent in the course of that year. In the fall of 1994, the authorities formulated a comprehensive program of stabilization and structural reform that was supported in December 1994 by a first purchase under the Systemic Transformation Facility.
Subject: Banking, Currencies, Current spending, Expenditure, Imports, International trade, Money, Revenue administration
Keywords: banking system, broad money, capital expenditure, central bank, CR, Currencies, Current spending, debt service, exchange rate, first quarter, foreign currency, Imports, ISCR, second quarter, state enterprise, state government
Pages:
156
Volume:
1995
DOI:
Issue:
111
Series:
Country Report No. 1995/111
Stock No:
1ARMEA0011995
ISBN:
9781451801408
ISSN:
1934-7685
Notes
This paper on recent economic developments was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of the Republic of Armenia, or the Executive Board of the IMF.
