Heritage Foundation has issued its 2014 Index of Economic Freedom, reports the Voice of America Armenian Service.

In line with the index, Armenia’s economic freedom score is 68.9, making its economy the 41st freest in the 2014 Index.

According to the index data, Armenia’s overall score has declined by 0.5 point from last year, primarily due to combined deteriorations in investment freedom, business freedom, and fiscal freedom. 

As per the Heritage Foundation, Armenia is ranked 18th among the 43 countries in the Europe region, and its score is above the world and regional averages.

Over the 20-year history of the Index, Armenia has improved its economic freedom score by 26.7 points, the fourth largest score increase. 

“Recording score improvements in eight of the 10 economic freedoms, including monetary freedom, management of public finance, trade freedom, and financial freedom, Armenia has advanced from economic repression 20 years ago to economically ‘moderately free’ today. Facilitated by the broad advancement of economic freedom, diversification of the economic base has enhanced Armenia’s economic dynamism and reduced poverty,” the Index reports.

According to the Heritage Foundation 2014 Index of Economic Freedom, Armenia’s Property Rights index is 30.0 points, Freedom From Corruption index is 26.7 points, Fiscal Freedom index is 86.5 points, Government Spending index is 81.3 points, Business Freedom index 83.1 points, Labor Freedom index is 78.5 points, Monetary Freedom index is 77.0 points, Trade Freedom index is 85.5 points, Investment Freedom index is 70.0 points, and Financial Freedom index is 70.0 points.