2008 Index of Economic Freedom

www.heritage.org

Rank: 28
Regional Rank: 15 of 41

Armenia's economy is 70.3 percent free, according to our 2008 assessment, which makes it the world's 28th freest economy. Its overall score is 1 percentage point higher than last year, reflecting some improvements in the investment regulations but an erosion of labor freedom. Armenia is ranked 15th freest among the 41 countries in the European region, and its score puts it above Europe's average—an impressive feat for an impoverished landlocked country.
Armenia rates significantly higher than the average country in eight of the 10 freedoms. Low tax rates, low government expenditure, and low revenue from state-owned businesses contribute to impressive fiscal and government freedom rankings. Inflation is low, and the banking sector is both wholly private and well regulated. Commercial regulations are flexible and relatively simple. Armenia's great strength is its investment climate, with few restrictions on foreign investment.

Armenia could still make some improvement in property rights and freedom from corruption. The judiciary is fairly weak and subject to political interference.

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