Armenia has made significant strides in enhancing macroeconomic stability over the past
two decades. This has recently come under strain. Before a full recovery from the Global
Financial Crisis (GFC) could take root, a second wave of external shocks, resulting from the
slowdown in Russia and the ensuing sharp currency depreciation, buffeted the economy.
Armenian public finances have deteriorated steadily since 2013, triggering the debt brake
mechanism in 2016.