The Armenian government is facing disaster as the country is on the brink of defaulting , Levon Ter - Petrosyan , the former Armenian president , has warned . Armenia ’s external debt stands at $ 1 at the end of the second quarter of 2016 , with the forecast GDP in 2016 being 5.443tn USD . By the end of the first half of 2017 , the national debt represented 46.7 % of the country ’s GDP , a precarious economic situation for any country . Armenia’s external debt is growing, as well as the budget deficit; economic growth is significantly lower than it was foreseen. The Armenian authorities have had trouble paying debts recently , with future difficulties predicted .
The Armenian government is facing disaster as the country is on the brink of defaulting , Levon Ter - Petrosyan , the former Armenian president , has warned . Armenia ’s external debt stands at $ 1 at the end of the second quarter of 2016 , with the forecast GDP in 2016 being 5.443tn USD . By the end of the first half of 2017 , the national debt represented 46.7 % of the country ’s GDP , a precarious economic situation for any country . The Armenian authorities have had trouble paying debts recently , with future difficulties predicted .