Armenia ranks 58th, with 63.3, points in the Heritage Foundation's 2022 Index of Economic Freedom, and is in the group of “moderately free” countries.

The country’s index of economic freedom has decreased by 6.6 points compared to the previous index.

The scores of economic freedoms are based on research into four key areas or principles: the rule of law, government size, regulatory efficiency, and open markets.

According to the published data, progress has been registered in Armenia in financial freedom, whereas the lowest points were given to the efficiency of the country’s judicial system.

In the last five years, there has been a violation of the trends of economic freedoms, and due to the sharp decline of labor and business freedom by 5 points, since 2017 Armenia has left the group of “mostly free” countries and is now considered a “moderately free” country.

In the general table, Armenia is between Italy and Serbia. The leader of Armenia’s region is neighboring Georgia, which is on the list of “mostly free” countries.

Azerbaijan is 75th, and in the same group with Armenia—among the “moderately free” countries. Turkey and Russia, which rank 107th and 113th, respectively, are among the list of “mostly unfree” countries.