Page "Economy of Armenia" Paragraph 73
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According to another estimate, the ratio between the country's Gross Domestic Product ( GDP ) and the state's foreign debt has reached 46 percent.
Economists generally agree that a country is insolvent, if its foreign debt surpasses 50 percent of its GDP.
Critics of the government say that the $ 500 million credit from Russia should have gone to develop industry, instead of going to the construction sector.
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