Armenia climbs 13 notsches in Index of Economic FreedomJune 29, 2020 - 16:25 AMT PanARMENIAN.Net - Armenia has climbed 13 notches in the latest edition of the Index of Economic Freedom, to take the 34th spot among 186 economies of the world. In the previous edition of the report, Armenia was ranked among the "moderately free" countries, whereas this year the nation has improved and is now ranked among the "mostly free" economies. The Index of Economic Freedom measures economic freedom of 186 countries based on trade freedom, business freedom, investment freedom, and property rights. Armenia’s overall score has increased by 2.9 points due to a significant spike in the fiscal health score, the report says. The country is ranked 18th among 45 countries in the Europe region, and its overall score is just above the regional average and well above the world average. "Economic freedom has remained fairly constant in Armenia during the past 15 years, with the economy vacillating between moderately free and mostly free. GDP growth in the past two years has been especially robust as the economy has rebounded from a 2015–2016 regional slowdown. The government is pursuing structural reforms, export promotion, and greater foreign investment to boost future economic growth," the report says. "To attract greater investment and finally break out of its holding pattern to move higher into the mostly free category, Armenia will need to focus more intently on improving judicial effectiveness and government integrity." Neighboring Georgia and Azerbaijan are ranked the 12th and 44th, respectively, up from the 16th and 60th a year earlier. Singapore, meanwhile, is the the world’s freest economy in the 2020 Index, and is closely followed by Hong Kong, New Zealand, Australia, Switzerland and Ireland. 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 | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |