Following several years of high growth and poverty reduction, Armenia was hit hard by the crises of the last decade, and progress on social and economic development slowed. Between 2004 and 2008, poverty fell dramatically, the share of poor people (those with incomes under the national upper poverty line) dropped from 54 percent to 27 percent. However, the effect of the 2008 crisis on the Armenian population was deeper than in other countries in Europe...
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