Editing Economy of Armenia (section)

==Overview==
Under the old Soviet central planning system, Armenia had developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics in exchange for raw materials and energy. Since the implosion of the USSR in December 1991, Armenia has switched to small-scale agriculture away from the large agroindustrial complexes of the Soviet era. The agricultural sector has long-term needs for more investment and updated technology. Armenia began borrowing soon after declaring independence. In 2000, Armenian governmental debt reached its greatest level relative to GDP (49.3 percent of GDP).<ref name="Waaniewski 2014">{{Cite journal|last=Waaniewski|first=Krzysztof|date=2014|title=Public Debt, Fiscal Decisions and Political Power|url=http://dx.doi.org/10.2139/ssrn.2517967|journal=SSRN Electronic Journal|doi=10.2139/ssrn.2517967|s2cid=152939493|issn=1556-5068}}</ref>

Armenia is a food importer, and its mineral deposits (gold and [[bauxite]]) are small. The [[Nagorno-Karabakh conflict|ongoing conflict]] with Azerbaijan over the ethnic [[Armenians|Armenian]]-dominated region of [[Nagorno-Karabakh]] and the breakup of the centrally directed [[Economy of the Soviet Union|economic system]] of the former Soviet Union contributed to a severe economic decline in the early 1990s. Political instability and the threat of war placed a significant strain on economic development. Despite robust growth in recent years, the problem of geopolitical uncertainty resurfaced during the [[Second Nagorno-Karabakh War|2020 war]], contributing to a 7.1% drop in GDP.<ref name="IMF WEO" /> Armenia's public debt rose to 67.4% in 2020, but fell below 50% again in 2022.<ref>{{cite web |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=911,&s=GGXWDG_NGDP,&sy=2018&ey=2024&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |publisher=International Monetary Fund |access-date=18 October 2023 |location=Washington, D.C. |language=en |date=5 October 2023 |archive-date=30 October 2023 |archive-url=https://web.archive.org/web/20231030045347/https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=911,&s=GGXWDG_NGDP,&sy=2018&ey=2024&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |url-status=live }}</ref>