Armenia has improved its ranking by 21 places in The Heritage Foundation’s 2017 Index of Economic Freedom, and is now ranked 33rd. 

The country is now among countries with a mostly free economy.

In particular, Armenia has shown improvement in business freedom and labor freedom.

According to the Index, however, the country performs relatively well in many categories of economic freedom, but more reforms are needed to enhance judicial independence and government transparency.

And despite progress in tackling corruption, particularly in the tax and customs administrations, close relationships within political and business circles raise concerns about cronyism and undue influence.