21.01.2010 21:31
YEREVAN, January 21, /ARKA/ The U.S.-based Heritage Fundation has rated Armenia’s economic freedom score 69.2, making its economy the 38th freest in the 2010 Index. Its overall score decreased by 0.7 point from last year. Armenia is ranked 21st freest among the 43 countries in the Europe region, and its score puts it above the world and regional averages.
According to Heritage Foundation’s report, Armenia has implemented substantial economic reforms in many parts of its economy over the past decade, making considerable gains in income growth and poverty reduction while maintaining macroeconomic stability.
Low tax rates and moderate government spending contribute to an impressive degree of fiscal freedom, it said. However, widespread corruption and weak protection of property rights continue to reduce Armenia’s overall level of economic freedom. Burdensome bureaucratic procedures and discretionary decisions by individual officials encourage petty corruption. Sluggish structural reforms also keep the Armenian economy from diversifying its productive base.
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