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Features | 11.01.08 | 16:00

Karabakh Emerging: Is stable economy possible in an unrecognized state?

Every year after harvest, more cars, mainly old German-made Opels costing about $5,000, appear in Karabakh. Having sold their yield, local land-owners are eager to spend. The lucky ones buy apartments.

Relative economic stability has been established in Karabakh 13 years after a ceasefire was signed. Most of the buildings ruined in the 1991-1994 war have been restored, and unlike other places in Karabakh, the capital Stepanakert does not seem to bear the traces of the war at all. Wages and pensions have been raised in the past several years, new houses have been built and new jobs created.

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