ARMENIA RANK IMPROVES IN HERITAGE FOUNDATION REPORT

ARMENPRESS
Jan 16 2007

YEREVAN, JANUARY 16, ARMENPRESS: Armenia has significantly improved its
standing as a free economy moving from 32nd place in 2006 to 28th place
in 2007, according to a report released by the Heritage Foundation.

Hong Kong, which prides itself on its laissez-faire economic policy,
was ranked the world’s freest economy for a 14th straight year by
the US based Heritage Foundation.

Half of the world’s top 20 freest economies are in Europe, led by
Ireland in third place. Switzerland, the United Kingdom and Denmark
follow just behind and financial reform in Western Europe is being
accelerated by liberalization and tax cuts in East European countries
like Estonia, which was ranked 12th.

The United States fell to 5th place from 4th last year, and was set
back by relatively high tax rates following tax cuts in other advanced
economies and by government spending amounting to more than a third
of gross domestic product.

The annual survey published by the Wall Street Journal, ranks 157
countries and territories. The survey gauges the level of government
interference in the economy and ranks countries based on scores in such
categories as business, trade and investment freedoms; protection of
property rights; freedom from corruption, and free movement of labor.

Russia has been ranked no. 134 as a repressed economy, one place
below Ukraine, which was labeled a "mostly unfree economy."