Armenia leaves behind other CIS states being 38th in economic freedom rating: Report

10.01.2013 13:45
Armenia leaves behind other CIS states being 38th in economic freedom rating: Report

YEREVAN, January 10. /ARKA/. Armenia’s economic freedom score is 69.4, making its economy the 38th freest among 177 states, and leaving behind all the other CIS members (Commonwealth of Independent States), according to 2013 Index of Economic Freedom report published on Heritage Foundation website.

Its overall score has increased by 0.6 point from last year, mainly reflecting the better management of public spending. Armenia is ranked 17th among the 43 countries in the Europe region, and its score puts it above the world and regional averages.

The research shows Business Freedom in Armenia stands at 87.6 points, Trade Freedom- 85.4 points, Fiscal Freedom-88, Government Spending- 82.1, Monetary Freedom- 73, Investment Freedom- 75, Financial Freedom-70, Property Rights-30, Freedom from Corruption- 26, and Labor Freedom-77.1.

The experts highlight that although Armenia performs relatively well in many categories of economic freedom, stronger foundations are needed in areas like judicial independence and government transparency. Despite progress in tackling corruption, particularly within the tax and customs administrations, the close relationships within political and business circles raise concerns about cronyism and undue influence by vested interests.

The four states of Asia-Pacific region–Hong Kong (89.3 points), Singapore(88), Australia (82.6), New Zealand (81.4), and Switzerland traditionally topped the rating.

Georgia was 21st in the rating (the leader of the South Caucasian region), Azerbaijan was 88th, Russia—139th.

The Index covers 10 freedoms – from property rights to entrepreneurship – in 185 countries.
Economic freedom is measured through ten components, such as business freedom, trade freedom, fiscal freedom, etc. The experts assign a grade in each using a scale from 0 to 100, where 100 represents the maximum freedom.

Founded in 1973, The Heritage Foundation is a research and educational institution—a think tank—whose mission is to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense.—0-


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