Despite geographical isolation, trade blockades, and occasional political upheaval, Armenia’s economic performance during the past four years has been remarkable. Growth has averaged nearly 12 percent and poverty has fallen. The country has become a reform leader among CIS countries. This performance reflects a combination of factors, namely a sustained commitment to macroeconomic stability, structural measures undertaken since the mid-1990s, minimal government intervention in the economy, a focus on poverty-reducing policies since 2002, and support from the Armenian diaspora. These factors led to higher domestic and foreign investment, improvements in competitiveness, and a market-driven process of import substitution.
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