Armenia has climbed 13 notches in the latest edition of the Index of Economic Freedom, to take the 34th spot among 186 economies of the world.

In the previous edition of the report, Armenia was ranked among the “moderately free” countries, whereas this year the nation has improved and is now ranked among the “mostly free” economies.

The Index of Economic Freedom measures economic freedom of 186 countries based on trade freedom, business freedom, investment freedom, and property rights.

Armenia’s overall score has increased by 2.9 points due to a significant spike in the fiscal health score, the report says. The country is ranked 18th among 45 countries in the Europe region, and its overall score is just above the regional average and well above the world average.

“Economic freedom has remained fairly constant in Armenia during the past 15 years, with the economy vacillating between moderately free and mostly free. GDP growth in the past two years has been especially robust as the economy has rebounded from a 2015–2016 regional slowdown. The government is pursuing structural reforms, export promotion, and greater foreign investment to boost future economic growth,” the report says.

“To attract greater investment and finally break out of its holding pattern to move higher into the mostly free category, Armenia will need to focus more intently on improving judicial effectiveness and government integrity.”

Neighboring Georgia and Azerbaijan are ranked the 12th and 44th, respectively, up from the 16th and 60th a year earlier.

Singapore, meanwhile, is the the world’s freest economy in the 2020 Index, and is closely followed by Hong Kong, New Zealand, Australia, Switzerland and Ireland.

H/T PanArmenian