Armenia ranks the 54th among 178 countries in 2016 Index of Economic Freedom by the Heritage Foundation and the Wall Street Journal.

With a Freedom Score of 67.0 points (down 0.1 point), the country has a Moderately Free status and is the 23rd in Europe. Among the notable successes are the open markets and management of public finance, while property rights, corruption, and labor freedom stir concern, the Index suggests.

“Considerable diversification of the economic base has increased economic dynamism in Armenia. Broad simplification of business procedures has facilitated regulatory efficiency. Following expansionary fiscal policies in recent years, steps have been taken to limit the cost of government through more prudent management of public finance,” the report says.

“With a 2.2 percent average tariff rate and few non-tariff barriers, Armenia is relatively open to trade. As with many other countries, however, foreign ownership of land is restricted, and bureaucratic hurdles may impede trade and foreign investment. The state no longer has a stake in any bank, but the banking sector, which accounts for over 90 percent of total financial-sector assets, still struggles to provide adequate long-term credit.”

Georgia was ranked 23rd, Azerbaijan – 91st, Turkey comes in 79th, Iran was placed 171st, while Russia has lost 10 points to take the 153rd spot.

New Zealand, Singapore, Hong Kong, Switzerland and Australia have all Free status, while Venezuela, Cuba and North Korea are among the Repressed countries.