The Covid-19 pandemic has had a huge impact throughout the world in a previously unimaginable way, and it has significantly affected the Armenian market.
Previously, the market had been growing at a steady pace but it has now slowed, although surveys suggest that Armenia is still a relatively easy country to do business in due to its well-educated workforce and the development of free economic zones to encourage foreign investment in the country. As in other countries, the Armenian government has introduced various initiatives to help businesses deal with the pandemic. However, the recent Nagorno-Karabakh conflict has unsettled the situation even further.
Nonetheless, there is a huge potential for growth in the country in the areas of agriculture, mining, real estate and telecoms. Another trend that has been developing over the last few years is the increased interest in renewable energy, which has been identified as one of the priority sectors for the Armenian government, and various law firms have been beefing up their capabilities in this evolving industry.
In an effort to further kick-start the economy, the government has also been encouraging spending on infrastructure and construction projects.
Armenia's legal market is populated by local law firms which handle a broad spectrum of legal issues and in many cases work closely with various major international law firms on a regular basis. While it is anticipated that it will be a tough year ahead for Armenia, the market is well placed to make a good recovery in the future.