The economy started to demonstrate its first signs of recovery in May. Economic activity in the first five months of 2021 grew by 4.3 percent year-on-year.

The remaining issues are border demarcation between the two former Soviet countries. As well as the issue of re-establishing a trade and transit corridor via Armenia between the rest of Azerbaijan and its Nakhchivan exclave.

With over 90 percent of the vote counted, the 46-year-old journalist and writer’s Civil Contract party held an insurmountable lead of 54-21 percent over the “Armenia” bloc headed by 67-year-old ex-President Robert Kocharyan – a far more overwhelming result than expected.

There are enormous ramifications. There is a real chance no effective or, at best, a weak government could emerge. Though Azerbaijan got back most of its occupied territories, the formal delimitation of the border with Armenia would take a solid government in Yerevan with a mandate to do so. It might be impossible to put a finality to the 30-year war or open trade routes in the absence of one

Armenia's Central Bank raised its key refinancing rate for the third time since February to 6.5 percent to bring inflation back to target.