American Heritage Foundation published 2016 Index of Economic Freedom where Armenia ranks the 54nd among 166 countries. Armenia’s economic freedom score is 67, making it possible to get included among countries with “moderately free” economy.

Armenia ranked the 52nd among 165 countries in 2015 report.

Armenia is ranked 23rd among the 43 countries in the Europe region, and its score puts it above the world and regional averages.

“Considerable diversification of the economic base has increased economic dynamism in Armenia. Broad simplification of business procedures has facilitated regulatory efficiency. Following expansionary fiscal policies in recent years, steps have been taken to limit the cost of government through more prudent management of public finance”, the report says.

The authors of the report noted Open Markets and Management of Public Finance as notable success in Armenian economy and Property Rights, Corruption, Labor Freedom as concerns.

“Pervasive corruption has been aggravated by Russia’s consolidation of its influence on Armenia’s economy and regional security. Bribery and nepotism are reportedly common among government officials, who are rarely prosecuted or removed for abuse of office”, the statement reads.

In 4 economic freedom indicators of 10, such as- State expenditures, business, labor, financial freedom declined in Armenia. Armenia improved its ranking in terms of other 4 indicators- monetary, investment, commercial and corruption freedoms.

The list of countries with free economics is topped by Hong Kong, Singapore and New Zealand. Georgia is ranked the 23nd, Azerbaijan - 91th, Turkey - 79th and Russia - 154rd.