Armenia ranked 36th freest among 179 countries in 2011 Index of Economic FreedomJanuary 13, 2011 - 14:10 AMT PanARMENIAN.Net - The Heritage Foundation and The Wall Street Journal published the 2011 Index of Economic Freedom. According to the document, Armenia’s economic freedom score is 69.7, making its economy the 36th freest in the 2011 Index. Its overall score increased by 0.5 point from last year. Armenia is ranked 19th freest among the 43 countries in the Europe region, and its score puts it above the world and regional averages. Armenia receives high marks in eight of the 10 economic freedoms. Over the past decade, market liberalization and privatization have recharged the economy. Despite the economic slowdown in recent years, a macroeconomic policy environment supported by low taxes and stable government spending has promoted steady economic growth. The regulatory framework is sound, and an open trade regime with low tariffs facilitates the free flow of goods. Further growth in economic freedom in Armenia will require deeper institutional reforms that include better protection of property rights and strengthening of the judicial system. Corruption remains widespread in many sectors of the economy. Despite relatively low tax rates, tax evasion has become a growing concern. According to the 2011 Index, Hong Kong has the freest economy, followed by Singapore and Australia. Georgia, Azerbaijan, Russia and Ukraine are ranked 29th, 92nd, 143rd and 164th freest respectively. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia recalls Belarus envoy for consultations Armenian Ambassador to Belarus has been called to Yerevan for consultations, a spokesperson for the Foreign Ministry reveals. Armenia denies Azerbaijan's ceasefire accusations The Armenian Defense Ministry has denied Azerbaijan's accusations of violating the ceasefire. Armenia will leave Russian-led military bloc, says Pashinyan Armenia will leave the Russian-led Collective Security Organization, Prime Minister Nikol Pashinyan said, without giving any dates. EU encourages Armenia to prioritize strategic projects The EU has encouraged Armenia to prioritize strategic projects, according to a statement from the country’s Foreign Ministry. |