@article{oai:fukuyama-u.repo.nii.ac.jp:00008461,
 author = {Hayakawa, Tatsuji},
 issue = {1},
 journal = {福山大学経済学論集},
 month = {Mar},
 note = {40020398861, Armenia enjoyed 15 years of uninterrupted high economic growth prior to the global financial crisis in 2009. Investment, particularly in the mining and metallurgy sectors, played a key role as a driver of economic growth. Remittances，mostly from Russia, had an effect in sustaining consumption and boosting construction.
 Armenia has shown some weaknesses in the external sector, due to demands for natural gas, mineral products, machinery, and equipment. Armenia's exports and FDI suffer from the embargo maintained by Turkey and Azerbaijan, in addition to the land-locked location. A political breakthrough would be necessary.
 To sustain growth, Armenia may need a gradual creation of industrial systems that can facilitate more economic and export diversification. By overcoming challenges, exports can be developed to become a more important source of economic growth. Expansion in tourism can help the economy grow through the services sector.},
 pages = {91--106},
 title = {Armenia's Economic Growth Sustainability (桑原哲也教授追悼号)},
 volume = {39},
 year = {2015}
}