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Economic Freedom in Armenia Has Hovered Between Moderately Free and Mostly Free for Many Years- Heritage

Armenia’s economic freedom score is 71.9, making its economy the 32nd freest in the 2021 Index. Its overall score has increased by 1.3 points, primarily because of an improvement in fiscal health. Armenia is ranked 18th among 45 countries in the Europe region, and its overall score is above the regional and world averages, Heritage.org reports.

Economic freedom in Armenia has hovered between moderately free and mostly free for many years. GDP growth during the reporting period has continued to be strong. To institutionalize higher levels of economic freedom more firmly, the government needs to maintain its focus on improving judicial effectiveness and government integrity. Stronger rule of law would also have a positive impact on investment freedom.

IMPACT OF COVID-19: As of December 1, 2020, 2,193 deaths had been attributed to the pandemic in Armenia, and the economy was forecast to contract by 4.5 percent for the year.

Armenia was a Soviet republic until independence in 1991. In 2018, massive protests against corruption led to the election of a reform-minded government headed by Prime Minister Nikol Pashinyan with the support of a sizeable parliamentary majority. Nevertheless, corruption remains a persistent problem. Armenia’s decades-long occupation of parts of Azerbaijani territory ended after more than six weeks of heavy fighting in 2020 when both sides agreed to a Russian-backed peace plan. The economy relies on manufacturing, services, remittances, and agriculture. Russia is Armenia’s principal export market, and Armenia joined Russia’s Eurasian Economic Union in 2015. It also signed a Comprehensive and Enhanced Partnership Agreement with the European Union in 2017. The government relies heavily on loans from Russia and international financial institutions.


Armedia Information, Analytical Agency

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