January 28, 2022

Armenia’s Economy: The More Things Change, the More They Stay the Same?

Once again, the numbers on Armenia’s foreign remittances are in, and Russia tops the charts. Transfers to Armenia from Russia accounted for $162.8 million out of $261.7 million in total remittances for the first three months of 2010, Armenia’s Central Bank reports. The US finished a distant second with $29.5 million.

The numbers make for a slight — less than half a percent — drop compared with 2009.

Unemployment statistics, in theory, are similarly static. The State Employment Service claims that unemployment “stabilized” at 7.3 percent as of May, ArmeniaNow reports.

Some critics may counter that it all depends on how you count it. Research performed “according to International Labor Organization standards” puts Armenia’s “real” unemployment rate at a whopping 27.5 percent, says PanArmenian.net.


photo by  asbarez.com

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