The well-funded agitation to derail a hydro project in Georgia has the potential to ruin the country's reputation, and severely damage relations with Turkey and Azerbaijan.

The IMF said it expected Armenia's economy to expand by around 1 percent in 2021 followed by 3.5 percent growth next year, although the recovery will be protracted due to the impact of  the coronavirus pandemic and war over Nagorno-Karabakh.

Ankara continues to protest over the move, which citied "Ottoman" forces, rather than Turkey or its precursor, the Ottoman Empire.