Possibilities of Implementing Countercyclical and Procyclical Economic Policy in Times of Global Economic Crises the Case of the Republic of Armenia

This article analyzes the macroeconomic policy pursued in Armenia during global economic crises to identify its pro- or countercyclical nature. The study covers the period from 2000 to 2023. The influence of fiscal and monetary policy on the economic development of the country is considered as well as its response to exogenous shocks of various origins. The analysis results show that, in times of crises, the government and central bank of Armenia pursue mainly a limited countercyclical policy.