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Economic impact of COVID-19 pandemic in Armenia

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  • Voskanyan, M. A.

Abstract

Relevance. The world will certainly remember 2020 as a serious challenge in all aspects of human life. At the same time, while developed countries, despite the severity of the economic crisis, have sufficient reserves to help their economies go through the recovery growth, developing economies turned out to be the most vulnerable. This article describes the consequences of the COVID-19 pandemic for the Armenian economy from the point of view of the most critical factors that have determined the country’s economic development over the past decade. Research objective. The key goal of the study was to try to identify and assess the economic consequences of the COVID-19 pandemic in Armenia. Data and methods. The study surveys macroeconomic indicators in Armenia over the past six months. The analysis is based on the statistical data characterizing the economic situation in Armenia and takes into account the key sectors of the economy as well as its weaknesses. Results. Some sectors of the Armenian economy will be very vulnerable to the crisis resulting from the COVID-19 pandemic. Conclusion. The main conclusion of the study is that at the moment the economic system of Armenia is at the stage of stagnation and, in the light of the pandemic, will move to the stage of economic recession in the medium term.

Suggested Citation

  • Voskanyan, M. A., 2020. "Economic impact of COVID-19 pandemic in Armenia," R-Economy, Ural Federal University, Graduate School of Economics and Management, vol. 6(3), pages 183-195.
    • Handle: RePEc:aiy:journl:v:6:y:2020:i:3:p:183-195
    DOI: 10.15826/recon.2020.6.3.016
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    References listed on IDEAS

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    1. Abel Brodeur & David Gray & Anik Islam & Suraiya Bhuiyan, 2021. "A literature review of the economics of COVID‐19," Journal of Economic Surveys, Wiley Blackwell, vol. 35(4), pages 1007-1044, September.
    2. Marcus R. Keogh‐Brown & Simon Wren‐Lewis & W. John Edmunds & Philippe Beutels & Richard D. Smith, 2010. "The possible macroeconomic impact on the UK of an influenza pandemic," Health Economics, John Wiley & Sons, Ltd., vol. 19(11), pages 1345-1360, November.
    3. Armenak Antinyan & Thomas Bassetti & Luca Corazzini & Filippo Pavesi, 2020. "Trust in the Healthcare System and COVID-19 Treatment in the Developing World. Survey and Experimental Evidence from Armenia," Working Papers 2020:10, Department of Economics, University of Venice "Ca' Foscari".
    4. Mishra, Mukesh Kumar, 2020. "The World after COVID-19 and its impact on Global Economy," EconStor Preprints 215931, ZBW - Leibniz Information Centre for Economics.
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    Cited by:

    1. Elizaveta S. Sokolova & Olga V. Panina & Natalia L. Krasyukova & Nikolay P. Kushchev, 2022. "Armenian Energy System Development: The Prospects of EAEU Single Energy Market," International Journal of Energy Economics and Policy, Econjournals, vol. 12(1), pages 258-265.

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