Thomas de Waal
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"Thomas de Waal"
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"Carnegie Endowment for International Peace",
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"primaryCenter": "Carnegie Europe",
"programAffiliation": "russia",
"programs": [
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"regions": [
"Central Asia",
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"Armenia",
"Eastern Europe",
"Moldova"
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"topics": [
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}Source: Getty
Armenia's Population Drain
Even as the world marked the birth of its seven billionth person last month, a few countries, including Moldova and Armenia, are confronting the problem of insufficient population.
Source: National Interest

About the Author
Senior Fellow, Carnegie Europe
Thomas de Waal is a senior fellow at Carnegie Europe, specializing in Eastern Europe and the Caucasus.
- A Black Sea Truce Is About Global Food Security, TooCommentary
- Managing Montreux: Turkey and the Russia-Ukraine War in the Black SeaArticle
Thomas de Waal
Recent Work
Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
More Work from Carnegie China
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The Plaza Accord was not an externally imposed punishment of Japan but part of a broader restructuring that Japanese economists and policymakers themselves recognized was necessary. Its effects were undermined, however, when Tokyo responded to the resulting slowdown with policies that exacerbated investment, credit expansion, and the very imbalances the adjustment was intended to resolve.
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- Who Paid for China’s Last Debt Cleanup, and Who Will Pay for the Next?Commentary
China’s banking crisis in the 2000s was resolved by transferring the costs to households through financial repression—a decision that recapitalized the banks while exacerbating the structural imbalances that continue to shape the Chinese economy today.
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“Involution” is a new word for an old problem, and without a very different set of policies to rein it in, it is a problem that is likely to persist.
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