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.