Abstract
The Russian-Ukrainian conflict has caused significant upheavals and uncertainties not only in the region, but also around the world, which has led to a revision of positive forecasts. Although these estimates contain huge uncertainties and will be adjusted many times by the end of the year, the quantitative estimates presented at this time provide some insights into the expected economic developments and make it possible to estimate by calculation the extent to which these negative phenomena will affect the budget system of Armenia, and what problems the fiscal policy may face? Taking into account the fact that these shocks also posed significant threats to fiscal stability, the compliance of the obtained results with the current fiscal rules was assessed.
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