Article from: OGEL 5 (2004), in The Energy Charter Treaty
p>Since gaining independence in 1991, armenia is committed to the principles of democracy and market economy. Armenia has made encouraging progress on liberalisation and selected structural reforms compared with other economies of the region. the economy has been growing strongly, reaching double-digit rates in recent years. Inflation has remained low, while the authorities have managed to substantially reduce the fiscal deficit. The current account deficit also declined significantly in 2002. Armenia formally joined the WTO in february 2003.