1993: Armenia

Mississippi, Dec 4 2021

Armenia was one of several countries whose economy fell on hard times after the Soviet Union broke apart in 1991. Unfortunately, this is not where Armenia’s troubles ended. In 1988, a devastating 6.8 earthquake killed 60,000 Armenians and left thousands of people homeless, according to the BBC.

After the earthquake, government leaders decided to shut down the Armenian Nuclear Power Plant, also known as the Metsamor Nuclear Power Plant, which led to severe energy and supply shortages in the early to mid-1990s. These factors eventually led to a monthly inflation rate of 438% in November 1993, according to the CATO Institute, with prices doubling nearly every 13 days.


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