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Economic activities in S. Caucasus countries

By Messenger Staff
Thursday, November 1
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.