[ armenia ranks as the most economically free nation in the CIS ]
Armenia was included in a list of countries with a high degree of economic freedom in 2007 occupying 28th place, higher than France, according to the annual survey "Index of Economic Freedom" conducted by the Heritage Foundation / the Wall Street Journal.
The appraisal of economic freedom is based on 50 economic indicators within the following categories: capital flows and foreign investments; banking and financial systems; monetary, budget and trade polices; salaries and prices; state interference in the economy; property rights and regulations; and black markets.
Armenia was included in a list of countries with a high degree of economic freedom in 2004 occupying 44th place together with France according to the annual survey "Index of Economic Freedom" conducted by the Heritage Foundation /the Wall Street Journal/.
Armenia has a successful record of transition creating a favorable macroeconomic climate based on a market economy. There has been consistent growth since 1994. The country has successfully implemented a comprehensive stabilization and structural reform program. In 1993, thefirststockexchange was established and the new currency, the Dram, was introduced.
Index of Economic Freedom
Index of Economy Freedom, 2000-2008
Education / Labor Force
The majority of people (56%) are between the ages of 17 and 59 and the level of education is high. Education continues to be one of the main values in Armenian society. Today, there are 18 state universities, 8 foreign managed (American University, French University, European University and 5 Russian universities) and the remainder are private. There are more than 77,000 third-level students.
Exports and Imports of Armenia
Due to stable economic growth and an open trade system, exports have increased considerably since 1999, accompanied by import substitution as a result of an increase in domestic production. Exports increased by 5.1% in 1999 while import growth was negative, at -10.1%. In 2004 exports and imports increased by 4.3% and 5.6 % respectively. In 2005 the growth trend of exports was continued at 34.2%. For the same period, the main export countries were: CIS countries (18.9%); EU (46.6%); Israel (13.6%); and USA (6.5%).
Currency and Exchange Rate
Exports and Imports Growth Rate from 1999 to 2005