The study looked at how global and regional events affect Armenia's economy. They found that changes in global demand and oil prices have a big impact on Armenia, but financial issues don't affect it much. The shocks mostly come from Russia and the EU, through things like remittances and borrowing money from other countries. Russia helps Armenia deal with higher oil prices by sending more money and buying more goods. Sectors like services and construction are hit the hardest by these shocks because they rely heavily on remittances and borrowing.