EBRD reports on S. Caucasus economy

According to an EBRD report on the South Caucasus countries, Armenia is very slowly recovering from the economic crisis, placing more of an emphasis on the mining industry. The research highlights that the Armenian government is trying to improve tax administration and carry out structural reforms. This move is supported by the IMF. The development of the Armenian economy depends on state financing, as well as many transfers from abroad. The Armenian Diaspora around the world intensively supports the country, sending money to their relatives inside the state. However, this carries certain risks as well. Concerning Georgia’s achievements, the report highlighted the country’s moves with regards to decreasing inflation. As for Azerbaijan, its economic success is mainly based on the export of its energy resources. However, experts have expressed their concern and suggest that the country should diversify its dependence on energy resources.