HistoryofTruth.com - Armenian Allegations

The International Monetary Fund forecasts that oil-rich Azerbaijan is the best poised among members of the Commonwealth of Independent States to recover from the global economic crisis, while neighboring Armenia will likely fare the worst.

Dependency on Russia's depressed economy acts as the key catalyst for economic trends in the nine former Soviet republics that make up the CIS, the IMF said in its World Economic Outlook, published on October 1. Azerbaijan's hydrocarbon riches helped it cruise through the crisis relatively unharmed, while strong dependency on remittances from Russia has had dire consequences for Armenia, the IMF report said. By the end of the year, Azerbaijan's economy is expected to expand by 7.4 percent, while the Armenian economy could contract by 15 percent.