10 November, and the result was the worst condition for Armenian Economy. After the war the public debt of Armenia reached to 70% of GDP, making the economy more fragile. The economy suffered of the effects of the COVID-19 pandemic. Global competitiveness In the 2020 report of Index of Economic Freedom by Heritage Foundation, Armenia is classified as "mostly free" and ranks 34th, improving by 13 positions and ahead of all other Eurasian Economic Union countries and several EU countries including Cyprus, Bulgaria, Romania, Poland, Belgium, Spain, France, Portugal and Italy. In the 2019 report (data for 2017) of Economic Freedom of the World published by Fraser Institute Armenia ranks 27th (classified most free) out of 162 economies. In the 2019 report of Global Competitiveness Index Armenia ranks 69th out of 141 economies. In the 2020 report (data for 2019) of Doing Business Index Armenia ranks 47th with 10th rank on "starting business" sub-index. In the 2019 report (data for 2018) of Human Development Index by UNDP Armenia ranked 81st and is classified into "high human development" group. In the 2021 report (data for 2020) of Corruption Perceptions Index by Transparency International Armenia ranked 60 of 179 countries. History of the modern Armenian economy At the beginning of the 20th century, the territory of present-day Armenia was an agricultural region with some copper mining and cognac production. From 1914 through 1921, Caucasian Armenia suffered from genocide of about 1.5 million Armenian inhabitants on their own homeland which obviously caused total property and financial collapse when all their assets and belongings were forcibly taken away by the Turks the consequences of which after 105 years to this day remain incalculable, revolution, the influx of refugees from Turkish Armenia, disease, hunger and economic misery. About 200,000 people died in 1919 alone. At that point, only American relief efforts saved Armenia from total collapse. Thus, Armenians went from being one of the wealthiest ethnic groups in the region to suffer from poverty and famine. Armenians were the second richest ethnic group in Anatolia after the Greeks, and they were heavily involved in very high productive sectors such as banking, architecture, and trade. However, after the mass killings of Armenian intellectuals in April 1915 and the genocide targeted towards the whole Armenian population left the people and the country in ruins. The genocide and then communism were responsible for the loss of many high-quality