ECONOMIC ACTIVITIES IN S. CAUCASUS COUNTRIES

The Messenger
Nov 1 2012
Georgia

After the war with Russia in 2008 and the global economic crisis, the
Georgian economy began its recovery in 2009. According to official
data, Georgia’s economy grew 6.3% in 2010. In 2011, economic growth
reached 7%.

In Armenia, the global crisis of 2008-2009 also influenced economic
growth in the country. In 2010, after recovering from the economic
collapse, Armenia’s economy growth reached to 2.2%. In 2011 it
reached 4.7%.

Azerbaijan’s economy has enjoyed very stable growth for the last
several years. Before the economic crisis, Azeri economic growth
reached 34.5% in 2006 and 25% in 2007. Even in 2009, the country
saw growth of 9.3%, though in 2010, growth declined to 5%. Most
surprisingly, in 2011, economic growth in Azerbaijan saw 0% growth.

However, this does not mean much for Azerbaijan which has huge reserves
of oil and gas.

From: Baghdasarian