History of The Modern Armenian Economy
Armenia emerged from the umbra of the former Soviet Union in 1991 and migrated from a centrally planned economy (Communist system) to a market economy (capitalist system). Both the nation and the economy are nascent. Regional conflict retards economic growth. In addition, the border with Turkey is closed, making access to sea ports difficult and transportation logistics challenging to a country largely dependent upon imports. In 2003, Armenia became a member of the WTO. The nation is making substantial progress in privatizing ownership of what used to be state-owned industries under the former Soviet system. Despite marked progress, Armenia still suffers from a large trade imballance and is still largely dependent upon foreign aid and remittances from Armenian nationals working abroad, and members of the diaspora donating aid through non-governmental organizations (NGOs) such as churchES. There are some foreign capital inflows, but no robust foreign investment. Despite progress since the Soviet era, the unemployment rate still hovers near 30% and there remains a huge gulf between actual and potential Gross Domestic Product.
Read more about this topic: Economy Of Armenia
Famous quotes containing the words history of, history, modern, armenian and/or economy:
“Systematic philosophical and practical anti-intellectualism such as we are witnessing appears to be something truly novel in the history of human culture.”
—Johan Huizinga (1872–1945)
“Jesus Christ belonged to the true race of the prophets. He saw with an open eye the mystery of the soul. Drawn by its severe harmony, ravished with its beauty, he lived in it, and had his being there. Alone in all history he estimated the greatness of man.”
—Ralph Waldo Emerson (1803–1882)
“However far modern science and technics have fallen short of their inherent possibilities, they have taught mankind at least one lesson: Nothing is impossible.”
—Lewis Mumford (1895–1990)
“The exile is a singular, whereas refugees tend to be thought of in the mass. Armenian refugees, Jewish refugees, refugees from Franco Spain. But a political leader or artistic figure is an exile. Thomas Mann yesterday, Theodorakis today. Exile is the noble and dignified term, while a refugee is more hapless.... What is implied in these nuances of social standing is the respect we pay to choice. The exile appears to have made a decision, while the refugee is the very image of helplessness.”
—Mary McCarthy (1912–1989)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)