HERITAGE FOUNDATION: ARMENIA WORLD’S 32ND FREEST ECONOMY

Arka News Agency, Armenia
Jan 16 2007

YEREVAN, January 16. /ARKA/. According to the 2007 assessment of the
Heritage Foundation, Armenia’s economy is 69.4% free, which makes it
the world’s 32nd freest economy.

Armenia has left behind such countries as Georgia (35th), Kirghizstan
(79th), Moldova (81st), Russia (120th), and Ukraine (125th). Armenia
is 19th among the 41 European countries.

Armenia’s business freedom is 84.5%, trade freedom 75.6%, fiscal
freedom 93.3%, freedom from government 91.5%, monetary freedom 79.7%,
investment freedom 60%, financial freedom 70%, property rights 30%,
freedom from corruption 29% and labor freedom 80.9%.

According to the assessment, low inflation is recorded in Armenia, and
the country’s banking sector is completely privatized and well managed.

According to the assessment, Hong Kong is the world’s freest economy
(89.3%) followed by Singapore (85.7%) and Australia (82.7%).

The further ten countries are: the USA (82), New Zealand (81.6),
Great Britain (81.3), Ireland (79.3), Luxembourg (79.3), Switzerland
(79.6) and Canada (78.7).

Cuba and North Korea rank last.

The Heritage Foundation could not make assessments of the Congo,
Iraq, Serbia and Sudan.