Armenia has climbed nine notches in the latest edition of the Economic Freedom of the World report to take the 18th spot among 162 economies of the world.
The annual survey by Canadian think tank Fraser Institute measures economic freedom, ranking countries based on five areas—size of government, legal structure and property rights, access to sound money, freedom to trade internationally, regulation of credit, labour and business.
In the report, Armenia is included in the group of Most Free countries alongside neighboring Georgia in the 8th spot, while Azerbaijan lags behind in the 112th position.
In this year’s report, Hong Kong is again number one, and is closely followed by Singapore, New Zealand, Switzerland and Australia.
Also 2020, Armenia climbed 13 notches in the latest edition of the Index of Economic Freedom by the Heritage Foundation, to take the 34th spot among 186 economies of the world.