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 According to 2012 Index of Economic Freedom report released by “Heritage” foundation Armenia’s economic freedom score is 68.8, making its economy the 39th freest. Its overall score has decreased by 0.9 point from last year, reflecting worsened scores in freedom from corruption, government spending, and monetary freedom. Armenia is ranked 19th freest among the 43 countries in the Europe region, and its score puts it above the world and regional averages.

Following considerable liberalization and economic transformation over the past decade, Armenia demonstrated a moderate degree of resilience during the recent global economic slowdown. The overall regulatory framework remains efficient, facilitated by streamlined business procedures and competitive tax rates. Policies that support open markets are firmly in place, making the country’s investment and trade regimes competitive.

Although the country performs relatively well in many of the four pillars of economic freedom, the foundations of economic freedom are not strongly sustained by a strong and independent judiciary. Lingering corruption further undermines opportunities for more vibrant and lasting economic development. Government spending has been expansionary in recent years, eroding limits on government.

Among CIS countries Armenia yields to Baltic States and Georgia. Azerbaijan is the 91st, Turkey the 73rd and Russian the 144th.
Top three countries forming index of economic freedom are Hong Kong, Singapore and Australia.