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Under the old Soviet central planning system, Armenia developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics, in exchange for raw materials and energy. Armenia has since switched to small-scale agriculture and away from the large agro industrial complexes of the Soviet era.
High but uneven. Armenia's geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to volatility in the global commodity markets and the economic challenges in Russia. Armenia is particularly dependent on Russian commercial and governmental support, as most key Armenian infrastructure is Russian-owned and/or managed, especially in the energy sector.
Remittances from expatriates working in Russia are equivalent to about 12-14% of GDP.
Quite stable currency with fluctuations downward and upward of about 10%.
Armenia’s rising public debt is leading the government to tighten its fiscal policies – the amount is approaching the debt to GDP ratio threshold set by national legislation.
Only 4% of the population is proficient in English, though this percentage rise to 40% for a basic knowledge of the language.
Very high level of corruption.
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