Armenia is ranked 44th in the 2018 Index of Economic Freedom published by the Heritage Foundation center.

According to the report, Armenia’s economic freedom score is 68.7, making its economy the 44th freest in the 2018 Index.

“Its overall score has decreased by 1.6 points, with a sharp decline in fiscal health and lower scores for investment freedom and labor freedom overwhelming modest improvements in judicial effectiveness and monetary freedom. Armenia is ranked 20th among 44 countries in the Europe region, and its overall score is slightly below the regional norm but well above the world average.

Armenia’s geographic isolation, narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to deteriorations in global commodity markets and economic challenges in Russia. Nevertheless, modest diversification has produced greater economic dynamism, and a decade of strong economic growth has reduced poverty and unemployment. Broad simplification of business procedures has facilitated regulatory efficiency. Cronyism and undue influence, despite some progress in tackling corruption, remain concerns,” the report says. 

As to Armenia’s neighbors, Azerbaijan (67), Turkey (58) and Iran (156) are listed below Armenia. Meanwhile, Georgia is named the 16th freest among 180 economies.