Armenia’s economic freedom score is 67.1, making its economy the 52nd freest in 2015 Index of Economic Freedom issued by Heritage Foundation in partnership with The Wall Street Journal.

Armenia's overall score has declined by 1.8 points from last year, reflecting considerable deterioration in property rights, labor freedom, and monetary freedom. This decline was the eighth-largest in the 2015 Index. Armenia is ranked 23rd among the 43 countries in the Europe region, and its score puts it above the world and regional averages.

Although Armenia performs relatively well in most categories compared to world averages, the historical gains are not fully institutionalized, and the country’s economic freedom has been on a five-year downward path, the report says.

This decline has taken place across six of the 10 economic freedoms, most notably in labor freedom, freedom from corruption, and monetary freedom. Nevertheless, Armenia is named among countries with “moderately free” economies.

As to neighboring states, Georgia is ranked 22nd, Azerbaijan is 85th, Iran is 171th and Turkey is 70th.