Armenia records essential progress in the 2017 Index of Economic Freedom
Armenia has secured 21-position jump in the 2017 Index of Economic Freedom, released by the US-based Heritage Foundation. It has been ranked 33rd globally on the list. To note, in the previous edition of the Index of Economic Freedom, Armenia ranked 54nd scoring 67.1 points, again topping the list of the CIS countries.
The Index analyses economic policy developments in 180 countries. Countries are graded and ranked on 12 measures of economic freedom that evaluate the rule of law, government size, regulatory efficiency, and the openness of markets.
Among the CIS countries Armenia is in the leading spots in investment, business and financial freedom parameters, while in Europe the country is placed 19th among 49 countries, leaving ahead only Georgia.
The report indicates that the considerable diversification of Armenia’s economic base has increased economic dynamism, and a decade of strong economic growth has reduced poverty and unemployment rates. “Broad simplification of business procedures has facilitated regulatory efficiency. After years of expansionary fiscal policies, efforts have been made to limit the cost of government through more prudent management of public finance,” reads a part of the country assessment, adding 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.
According to the 2017 Index of Economic Freedom, Hong Kong tops the list, while Singapore and New Zealand are in the second and third positions. Others in the top 10 are: Switzerland (4th), Australia (5th), Estonia (6th), Canada (7th), UAE (8th), Ireland (9th) and Chile (10th).