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. Follow us on Twitter @AzerNewsAz Armenia was one of only two countries to receive a bailout from the IMF last year, but its economic woes have been compounded by Western sanctions imposed over Russia’s annexation of Crimea and support for separatists fighting The Armenian authorities have had trouble paying pensions 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. Armenia was one of only two countries to receive a bailout from the IMF last year, but its economic woes have been compounded by Western sanctions imposed over Russia’s annexation of Crimea and support for separatists fighting The Armenian authorities have had trouble paying pensions recently, with future difficulties predicted.