Analysts say that, while an Erdogan defeat would be a preferable outcome for Armenia, a change of power in Turkey would not necessarily be a game changer.
Former officials, including ones facing criminal charges, have managed to sell properties in legally questionable deals while only one so far has agreed to reimburse the state.
Armenian experts expect Yerevan and Ankara will continue to take small steps toward each other. But Baku is unlikely to sit idly by as its top strategic partner and its archrival seek an understanding.
The Armenian banking sector is booming thanks to the influx of Russian capital due to the war in Ukraine. But only a paltry amount is entering the Armenian economy.
Dependent on outside aid and braced for renewed clashes with Azerbaijan, there are fears Karabakh Armenians might soon be forced out of the breakaway region for good.