In-depth country-focused analysis on Armenia's economic, political and operational risk environment, complemented by detailed sector insight

Our comprehensive assessment of Armenia's operating environment and the outlook for its leading sectors are formed by bringing together a wealth of data on global markets that affect Armenia, as well as the latest industry developments that could impact Armenia's industries. This unique integrated approach has given us an impeccable track-record for predicting important shifts in the markets, ensuring you’re aware of the latest market opportunities and risks in Armenia before your competitors.

Country Risk

Armenia Country Risk

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Core Views

  • Despite an escalation in violence along the border of the disputed Nagorno-Karabakh region in July/August 2014, it is not part of our core scenario to see the outbreak of a widespread military conflict between Armenia and Azerbaijan. While the leadership of each side espoused aggressive nationalist rhetoric in order to ensure domestic support, the key powers in the region (Armenia-supporting Russia and Azerbaijan-supporting Turkey) are unlikely to favour an outbreak of conflict on their southern and eastern flanks respectively.

  • The Armenian real GDP growth will slow in 2015 on the back of declining export demand from Russia, as well as stagnating remittance growth, a key driver of private consumption. With Armenia set to join the Eurasian Economic Union on January 1 2015 we believe the economy will remain heavily reliant on Russian support over the coming years...

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