Armenia has improved its ranking by 21 places in The Heritage Foundation’s 2017 Index of Economic Freedom, and is now ranked 33rd among assessed 180 countries.

The country is now among countries with a mostly free economy.

Armenia occupies the 19th place among the group of 45 European countries, at the same time maintaining a leading position among the CIS countries.

The rapid progress in the ranking of the Index of Economic Freedom is mainly caused by the significant growth of the pillars of rule of law and regulatory efficiency.

In particular, 35.5 point progress was recorded by the property rights component, 6.4 point progress was recorded by the level of government integration, which is the best result among the CIS countries.

The property rights component assesses the extent to which a country’s legal framework allows individuals to freely accumulate private property, secured by clear laws that are enforced effectively by the government.

Armenia also leads the list of the CIS countries by the following components of economic freedom; investment, business, finance.