Along with its geopolitical importance, the Second Karabakh War, which ended the Armenia–Azerbaijan conflict, also has serious economic implications for the region’s countries, including Armenia. Hence, the main goal of this article is to elucidate the economic implications of the Second Karabakh War for Armenia. For this purpose, the article analyses the scale of the economic damage that the war inflicted on Armenia by describing the country’s military losses and loss of access to the energy and agricultural resources of the [formerly occupied] Karabakh region of Azerbaijan. The article also examines the impact of the war on the financial sector and the macroeconomic environment of Armenia. Moreover, in addition to the negative economic implications of the war, the article explains the newly created economic development and cooperation opportunities for the country. The article concludes that the Second Karabakh War has substantially affected the economy of Armenia, especially in the military, energy, and agricultural sectors, and also created new cooperation and development opportunities.