In independent Armenia, the IT sector gained momentum again in the late 1990s, and most companies were founded in the 2000s. Initially, most of the products were made with the Outsourcing model․ In 2008-2009 the Outsourcing index decreased, giving way to Product Development.
Armenia is a hidden gem, a cultural and historical center, that is already shifting to an attractive destination for business and investments. The IT talent pool, scientific centers, and sustainability in all the segments will transform the country’s economic environment to a better, brighter future.
Official statistics states – there are 68 500 small and medium-size businesses currently operating in Armenia, and their number has not increased compared to last year mainly because of the COVID-19 pandemic impact
In 2018 Armenian real estate market was worth $880.4 million and is expected to reach $1,249.3 million in 2026, with a CAGR of 4.3%. Currently, there are no significant changes in prices. However, it doesn’t mean that there won’t be deflation soon. But it is impossible to make clear predictions, according to the specialists. Market developments depend on the pace of construction and state support.
Advantages of production business in Armenia Located in western Asia, Armenia exported US$2.6 billion worth of products around the globe in 2019. With the highest GDP rate in all Europe (7.6% GDP growth and GDP CAGR to 2020 is 3.2% for Armenia vs. CAGR of 2.7% for global GDP), economic reforms, and “open door” policy,...