Economic Freedom in Armenia Has Hovered Between Moderately Free and Mostly Free for Many Years- Heritage
Armenia’s economic freedom score is 71.9, making its economy the 32nd freest in the 2021 Index. Its overall score has increased by 1.3 points, primarily because of an improvement in fiscal health. Armenia is ranked 18th among 45 countries in the Europe region, and its overall score is above the regional and world averages, Heritage.org reports.
Economic freedom in Armenia has hovered between moderately free and mostly free for many years. GDP growth during the reporting period has continued to be strong. To institutionalize higher levels of economic freedom more firmly, the government needs to maintain its focus on improving judicial effectiveness and government integrity. Stronger rule of law would also have a positive impact on investment freedom.
IMPACT OF COVID-19: As of December 1, 2020, 2,193 deaths had been attributed to the pandemic in Armenia, and the economy was forecast to contract by 4.5 percent for the year.
Armenia was a Soviet republic until independence in 1991. In 2018, massive protests against corruption led to the election of a reform-minded government headed by Prime Minister Nikol Pashinyan with the support of a sizeable parliamentary majority. Nevertheless, corruption remains a persistent problem. Armenia’s decades-long occupation of parts of Azerbaijani territory ended after more than six weeks of heavy fighting in 2020 when both sides agreed to a Russian-backed peace plan. The economy relies on manufacturing, services, remittances, and agriculture. Russia is Armenia’s principal export market, and Armenia joined Russia’s Eurasian Economic Union in 2015. It also signed a Comprehensive and Enhanced Partnership Agreement with the European Union in 2017. The government relies heavily on loans from Russia and international financial institutions.
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17:08The regular session of the Anti-corruption Policy Council takes place in Jermuk
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15:05The Prime Minister sends congratulatory messages to the supreme leader of Iran and the President of Iran
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11:11Armenia sends earthquake aid to Turkey
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10:43Commemoration of the Pontiff St. Sahak Partev
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09:16Some roads are closed and difficult to pass in Armenia
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19:55Phone conversation of the Foreign Minister of Armenia with the U.S. Assistant Secretary of State for European and Eurasian Affairs
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18:30Prime Minister Pashinyan and President Khachaturyan meet
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18:20Ararat Mirzoyan with Co-Chairman of the OSCE Minsk Group of France Brice Roquefeuil
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17:01Humans could land on Mars within 10 years, Musk predicts
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16:45France, US urge 'immediate' end to Nagorno Karabakh blockade
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16:01Blockaded Nagorno Karabakh launches fundraiser to support quake-hit Syria
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15:59Earthquake death toll in Turkey rises to 18,342
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15:43Ararat Mirzoyan Held a Telephone Conversation with Sergey Lavrov
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15:06French president rules out fighter jet supplies to Ukraine in near future
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14:475 Day Weather Forecast in Armenia
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14:44President Vahagn Khachaturyan wrote a note in the book of condolences opened in the Embassy of Syria in Armenia
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14:20Azerbaijan’s provocations impede establishment of peace and stability – Armenian FM tells Russian Co-Chair of OSCE MG
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12:57France representation to OSCE: Paris calls on Azerbaijan to restore freedom of movement through Lachin corridor
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11:40Command of Kosovo forces highly appreciated preparation of Armenian peacekeepers
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10:16The United States withdrew from sanctions against Syria for six months the provision of assistance after the earthquake
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