YEREVAN (Armenpress)–Armenia has significantly improved its standing as a free economy moving from 32nd to place in 2006 to 28th place in 2007, according to a report released by the Heritage Foundation.
Hong Kong, which prides itself on its laissez-faire economic policy, was ranked the world’s freest economy on Tuesday for a 14th straight year by the US based Heritage Foundation.
Half of the world’s top 20 freest economies are in Europe, led by Ireland in third place. Switzerland, the United Kingdom and Denmark follow just behind and financial reform in Western Europe is being accelerated by liberalization and tax cuts in East European countries like Estonia, which was ranked 12th.
The United States fell to 5th place from 4th last year, and was set back by relatively high tax rates following tax cuts in other advanced economies and by government spending amounting to more than a third of gross domestic product.
The annual survey published by the Wall Street Journal, ran’s 157 countries and territories. The survey gauges the level of government interference in the economy and ran’s countries based on scores in such categories as business, trade and investment freedoms; protection of property rights; freedom from corruption, and free movement of labor.
Russia has been ranked no. 134 as a repressed economy, one place below Ukraine, which was labeled a "mostly unfree economy."