September 12, 2022 - 17:49 AMT
Fraser Institute ranked Armenia as world's 11th freest economy in 2020

Armenia has been ranked among the world’s “most free” economies by The Fraser Institute, which is an independent public policy research and educational organisation in Canada.

In the latest rankings, Armenia’s overall rating fell by to 7.84 for 2020, from 7.98 in 2019, according to the report. However, the country rose from the 17th spot to the eleventh and is closely followed by Japan, Lithuania and Canada.

The institute measures the economic freedom of 165 jurisdictions based on a number of factors such as levels of personal choice, ability to enter markets, security of privately owned property and rule of law. The 2022 report is based on data in 2020, the latest available.

Georgia, meanwhile, was placed 15th, Azerbaijan is the 119th, while Turkey and Iran are in the 112nd and 159th positions, respectively.