2020 Index of Economic Freedom

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Over the last 3 years, the Republic of Armenia has taken the best position by the Index of Economic Freedom (2020 Index of Economic Freedom). Armenia is ranked 34th, its economic freedom ranking rose 13 places in the 2020 Index.

  • In 2018 Armenia ranked 44th.
  • In 2019 – 47th.
  • In 2020 – 34th.

Armenia was in an incomparably higher position among the countries of the Eurasian Economic Union (EAEU).

For comparison:

  • Kazakhstan ranks 39th,
  • Kyrgyzstan ranks 81st,
  • Belarus – 88th,
  • Russia – 94th.

The Index of Economic Freedom is being measured based on 12 factors:

  1. Property rights,
  2. Government integrity,
  3. Judicial effectiveness,
  4. Government spending,
  5. Tax burden,
  6. Fiscal health,
  7. Business freedom,
  8. Labor freedom,
  9. Monetary freedom,
  10. Trade freedom,
  11. Investment freedom,
  12. Financial freedom.

 It should be noted that this time the highest scores were from tax burden, government spending, business freedom and trade freedom. The lowest scores were from property rights, government integrity and judicial effectiveness.

A scale from 0 to 100 is used to evaluate this index. The higher the score is the greater is the degree of economic freedom. The “Heritage” foundation classifies the observed countries into 5 main categories according to their economic freedom indexes.

Thus, countries with a score of 80% or more are considered economically “free”, countries with 70.0-79.9% score are considered as “mostly free”, 60.0-69.9% – “moderately free”, 50.0-59.9% – “mostly unfree”, below 50% – “repressed”.

Armenia’s overall score of economic freedom is 70.6, thus it is considered a “mostly free” country.

Source-  https://www.heritage.org/index/pdf/2020/book/index_2020.pdf

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