WASHINGTON, DC – The Armenian National Committee of America (ANCA), in letters sent today to Members of Congress, Administration officials, think tanks, the media, and the broader Washington, DC foreign policy community, welcomed Armenia’s high rating from the Index of Economic Freedom, prepared jointly by the Heritage Foundation and the Wall Street Journal.

The Index measures 161 countries against 50 variables divided into 10 factors of economic freedom. Armenia received a 2.58 rating and was ranked 42nd overall – ahead of both France and South Korea. Armenia’s scores places it, by a considerable margin, as the highest scoring nation among the Commonwealth of Independent States. Within the Caucasus, Armenia was listed as the only “Mostly Free” nation. Georgia ranked 100th overall with a score of 3.34, and Azerbaijan came in at 103rd with a score of 3.38. Turkey continued to slip on economic freedoms, coming in with a score of 3.36 and a ranking of 112th overall. Lower scores on the Index’s five-point scale are more desirable.

“Armenia’s strong economic growth and steady progress in each of the ten areas weighed by the Heritage Foundation and the Wall Street Journal are reflected in the expansion of U.S.-Armenia economic relations,” said ANCA Chairman Ken Hachikian. “We look forward to helping further expand these commercial ties and to building on the passage of Permanent Normal Trade Relations legislation – spearheaded last year by Congressman Joe Knollenberg and Senator Mitch McConnell – by ending double-taxation, securing a Social Security Agreement, and paving the way toward free trade between the United States and Armenia.”

Armenia’s ratings in each of the ten factors covered by the Index are provided below (Lower scores are more desirable):

Trade: 2.0
Fiscal Burden: 2.3
Gov. Intervention: 2.5
Monetary Policy: 2.0
For. Investment: 2.0
Banking: 1.0
Wages & Prices: 3.0
Property Rights: 3.0
Regulation: 4.0
Informal Market: 4.0

According to the Index, Armenia has made steady progress on economic freedom over the past decade. Below find Armenia’s past scores:

2005: 2.58
2004: 2.63
2003: 2.59
2002: 2.78
2001: 3.03
2000: 3.21
1999: 3.50
1998: 3.50
1997: 3.50
1996: 3.69

For additional information about the Heritage Foundation/Wall Street Journal Index of Economic Freedom, now in its 11th year, visit: http://www.heritage.org/research/features/index