Armenia improves its ranking in the Index of Economic Freedom 2021 – Public Radio of Armenia

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Armenia’s economic freedom score is 71.9, making its economy the 32nd (up from 34th last year) freest in the world, according to the 2021 Index of Economic Freedom published by Heritage. Foundation.

Armenia’s overall score increased by 1.3 points, mainly due to improved fiscal health. Armenia is ranked 18th among 45 countries in the Europe region and its overall score is above regional and global averages.

Other countries in the region are ranked as follows: Georgia 12th, Turkey – 76th, Azerbaijan 38th, Iran – 168th.

Armenia’s partners in the Eurasian Economic Union, Russia and Kazakhstan, are ranked 92nd and 34th respectively, Belarus is 95th, Kyrgyzstan is 78th.

Singapore tops the list, followed by New Zealand and Australia.

Economic freedom in Armenia has oscillated between moderately free and mostly free for many years. GDP growth over the review period remained strong. To more firmly institutionalize higher levels of economic freedom, the government must continue to focus on improving judicial efficiency and the integrity of government. A stronger rule of law would also have a positive impact on investment freedom.

IMPACT OF COVID-19: As of December 1, 2020, 2,193 deaths have been attributed to the pandemic in Armenia, and the economy is expected to contract by 4.5% for the year.

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