Armenia ranks the 54th (moderately free) in the US- based Heritage Foundation's 2016 Index of Economic Freedom.
According to the 2016 Index of Economic Freedom, Armenia has scored 67.0.
To note, Azerbaijan ranks the 91st, Georgia - 23rd, Turkey - 79th, Iran - 171st. As for the CIS countries, Kazakhstan ranks the 68th, Kyrgyzstan - 96th, Moldova - 117th, Tajikistan - 149th, Russia - 153rd, Belarus - 157th, Ukraine - 162nd, Uzbekistan - 166th and Turkmenistan - 174th.
The best performers in the 2016 Index of Economic Freedom are Hong Kong, Singapore, New Zealand, Switzerland and Australia.
The Heritage Foundation says that economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please. In economically free societies, 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 brings greater prosperity. The Index of Economic Freedom documents the positive relationship between economic freedom and a variety of positive social and economic goals. The ideals of economic freedom are strongly associated with healthier societies, cleaner environments, greater per capita wealth, human development, democracy, and poverty elimination.
The Heritage Foundation measures economic freedom based on 10 quantitative and qualitative factors, grouped into four broad categories, or pillars, of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labor freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the ten economic freedoms within these categories is graded on a scale of 0 to 100. A country's overall score is derived by averaging these ten economic freedoms, with equal weight being given to each. The survey has been held since 1995.