Over twenty years on since independence, Armenia in 2013 has demonstrated its resilience and has made strides in its development yet it remains far from ready to “graduate” from assistance. Review of the key indicators of Armenia’s economic, democratic and social transition reveals progress, yet a mixed record on reform. Armenia presents a particularly challenging and unique development context because of its geopolitical constraints and unresolved conflict with Azerbaijan, its energy dependency, the influence of an engaged and diverse Diaspora, Russia’s dominance in major sectors, and the small size and population dynamics of the country.