Armenia’s economic freedom score is 68.7, making its economy the 44th freest among 180 countries of the world in the 2018 Index of Economic Freedom, down by 11 notches from last year.
Economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please. In economically free societies, governments allow labor, capital, and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself.
Armenia’s overall score has decreased by 1.6 points, with a sharp decline in fiscal health and lower scores for investment freedom and labor freedom overwhelming modest improvements in judicial effectiveness and monetary freedom. Armenia is ranked 20th among 44 countries in the Europe region, and its overall score is slightly below the regional norm but well above the world average.
The economy relies on manufacturing, services, remittances, and agriculture. Armenia joined the Russian-backed Eurasian Economic Union in 2015 and has shown some interest in expanding economic ties with the Euro-Atlantic community.