Global Data Pod: The Changing Chessboard of the South Caucasus

In this episode, we unpack how the war in the Middle East has been shaping the economic outlook for Azerbaijan, and why — perhaps surprisingly — it has generated some positive spillovers for Armenia too. We explore how Armenia continues to outperform growth expectations, while its external sector undergoes a structural shift toward IT and financial services that most investors are still overlooking. We then turn to the June 2026 parliamentary elections and why their outcome is directly tied to the pace of the Armenia-Azerbaijan peace process and the prospect of opening the Turkish border for the first time since 1993. After more than three decades of conflict, a new chapter may finally be within reach in the South Caucasus.   Speakers Khamza Sharifzoda, EM, Economic and Policy Research Fatih Akcelik, EM, Economic and Policy Research Moderator: Nicolaie Alexandru-Chidesciuc, EM, Economic and Policy Research   This podcast was recorded on 13 May 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5250547-0, https://www.jpmm.com/research/content/GPS-5207471-0, https://www.jpmm.com/research/content/GPS-5165451-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.