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 .
The Armenian economy 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 $5.36bn at the end of the second quarter of 2016, with the forecast GDP in 2016 being 5.443tn drams. By the end of the first half of 2016, 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 pensions recently, with future difficulties predicted.