ARMENIA TO GET MARKET ECONOMY STATUS BEFORE END OF 2007
Arka News Agency, Armenia
April 27 2007
YEREVAN, April 27. /ARKA/. Armenia intends to get a status of a
market-oriented economy before the end of 2007, RA Deputy Minister
of Trade and Economic Development, Co-Chairman of the Armenia-EU
subcommittee for trade, economic and legal cooperation Tigran Davtyan
told reporters.
He pointed out that Armenia is currently on the way of getting a
status of a market-oriented economy on the part of the European Union.
According to him, over the last few years Armenia has made regular
reports, but the EU delegation has postponed its visit to the country
for various reasons.
"The visit has been postponed three times, but we have asked them to
speed up this procedure because Armenia’s metallurgical enterprises
need to enter international markets. Therefore, the EU delegation’s
visit is scheduled for June 2007," Davtyan said.
Armenia ranks 34th in the "Doing Business 2007" report of the World
Bank and of the International Finance Corporation, leaving all the
other CIS members behind.
As regards the economic freedom indicator 2006 published by the World
Street Journal and Heritage Foundation, Armenia ranked 27th among 161
countries, whereas it ranked 42nd in 2005. Thus, Armenia has improved
its economic liberalization indices.
According to the results of a survey conducted by specialists of the
Heritage Foundation, Armenia’s economic freedom is 69.4% of 100%;
business freedom 84.5%; trade freedom 75.6%; fiscal freedom 93.1%;
freedom from government interference 91.6%; monetary freedom 79.7%;
investment freedom 60%; financial freedom 70%; property rights 30%;
freedom from corruption 29% and labor market freedom 80.9%. According
to the document, low inflation can be observed in Armenia, and the
country’s banking sector is privatized and well controlled.