In 2016 Index of Economic Freedom of the World, Armenia outpaces not only Azerbaijan and Turkey, but also world’s leading countries
Armenia is significantly ahead Azerbaijan in 2016 Index of Economic Freedom of the Worldpublished by the Canadian research and educational organization Frazer Institute.
Among 159 countries in the index, Armenia ranked 18, while Azerbaijan ranked 107. Besides, on economic freedom, Armenia also outpaces the neighboring countries – Turkey (the 90th spot) and Iran (the 150th spot). Georgia took the 5th spot.
This year, Honking, Singapore, New Zealand, and Switzerland top the list. Canada, Ireland, and Mauritiusare included in top ten, while the United Arab Emirates, Australia, and Great Britain conclude the top ten with a tie.
TheUSA (16th), Germany (30th), Japan (40th), South Korea (42nd), France (57th), Italy (69th), Mexico (88th), Russia (102nd), India (112th), China (113th), and Brazil (124th) are among the countries included in the index.
The lowest-rated countries in the rating are the Central African Republic, Argentina, Congo, Libya, and Venezuela.
Economic Freedom Index is annually constituted by Wall Street Journal and research center Heritage Foundation.
Each of the ten economic freedoms within these categories is graded on a scale of 0 to 100. The Foundation has been conducting an analysis of economic freedom since 1995.
Thisyear’s index provides a measure of economic freedom of 2014, as there are official data available for all the countries included in the index.
The Fraser Institute’s report provides a comprehensive measure of the degree to which countriesrely on voluntary exchange and market institutions to allocate resources.
The Heritage Foundation defines economic freedom as ‘the fundamental right of every human to control his or her own labour and property,’ when ‘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.’ Economic freedom is measured based on 10 quantitative and qualitative factors of economic freedom: property rights, freedom from corruption, fiscal freedom, government spending, business freedom, labor freedom, monetary freedom, trade freedom, investment freedom and financial freedom.
In the report by the American research center Heritage foundation – Economic Freedom Index 2016, Armenia is the leader among the CIS countries.
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