During World War I, Armenia was under the Ottoman Empire occupation, and as a result of the harsh practices committed by the Ottoman Empire against the Armenian people during 1915 and 1918, the country lost at least 1 million citizens. The Armenian massacres are acknowledged today as a genocide according to the United Nations. However, the present-day Republic of Turkey has not recognized their past actions, and continues to deny any accusations regarding this issue.
Armenia is among the countries that nowadays constitute the so-called Eurasian Economic Union (EAEU), providing free movements of goods, services, people and capital in-between its member states. Armenia's gross domestic product (GDP) amounted to approximately 11.55 billion U.S. dollars in 2017 and has been increasing steadily for the past few years. Being a member of the EAEU is reflected in the economic growth of the country, which since 2010, has been on a continuously positive path - with the exception of 2016, when a severe decrease occurred, followed by a significant jump the following year. Armenia’s unemployment rate has been more or less stable, even through these slumps and jumps; in 2017, 17.4 percent of Armenians were reported as being unemployed.
The country’s national debt has been quite stable in the last years as well, but is estimated to rise to more than 55 percent of GDP by 2019, before decreasing again. Furthermore, the state deficit was estimated to reach its ultimate high, or rather low, with -5.62 percent of GDP in 2016, from which it may not recover until 2020 (and then it will still be in the red). Unsurprisingly, Armenia’s trade figures have been rather low in the past, too, but since 2009, the country’s trade picked up speed with exported goods, reaching a decade-high in 2017. Imported goods show a similar trend. Armenia's most important import and export partners are Russia, China and Germany.