YEREVAN — Armenia is ranked 11th out of 165 countries and territories included in the Economic Freedom of the World: 2022 Report released by the Center for Market Education (CME) in conjunction with Canada’s Fraser Institute.

The rating refer to data from the year 2020. Armenia progressed from 40th place in 2016, 39th in 2017, 19th in 2018 and 17th in 2019.

Hong Kong, Singapore and Malaysia top the ranking.

Other countries in the region are ranked as follows: Azerbaijan – 119th, Georgia – 15th, Turkey – 112th, Iran – 159th, Russia – 94th.

The index measures the degree to which the policies and institutions of countries are supportive of economic freedom.

The cornerstones of economic freedom are personal choice, voluntary exchange, freedom to enter markets and compete, and security of the person and privately owned property.

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