According to 2015 Index of Economic Freedom, released on January 27, 2015 by The Heritage Foundation public policy research institute and The Wall Street Journal newspaper, Armenia is ranked as "a moderately free country" (60-69.9) in 2015 Index among the 178 countries, with its economic freedom score 67.1 making its economy the 52nd freest in the world. Its overall score has declined by 1.8 points from last year, reflecting considerable deterioration in property rights, labor freedom, and monetary freedom. This decline was the eighth-largest in the 2015 Index. Armenia is ranked 23rd among the 43 countries in the Europe region, and its score puts it above the world and regional averages.

The “Rule of Law” category of the Index runs: “In 2014, the president dismissed several well-known reformers and formed a new cabinet including officials who allegedly have grown wealthy from their government connections. For example, the finance minister has long been subject to media allegations of corruption. The judicial system, hobbled by corruption, impedes the enforcement of contracts. Scores for rule of law are below average.”

Thus, compared with last year's Index of Economic Freedom, Armenia’s scores declined in 6 economic freedoms out of 10: property rights, fiscal freedom, business freedom, labor freedom, monetary freedom, trade freedom. Armenia's scores remained unchanged in financial freedom. The country improved its scores in economic freedoms: government spending, investment freedom and freedom from corruption.

Based on its aggregate score, each of the countries graded in the the Index was classified as "free" (i.e. combined scores of 80 or higher); "mostly free" (70-79.9); "moderately free" (60-69.9); "mostly unfree" (50-59.9); or "repressed" (under 50).

In accordance with the methodology ten components of economic freedom are measured, assigning a grade in each using a scale from 0 to 100, where 100 represents the maximum freedom. The 10 economic freedoms are grouped into four broad categories or pillars of economic freedom: rule of law; limited government; regulatory efficiency and open markets.

There are 10 specific categories to rank economic freedom: (rule of law) property rights, freedom from corruption, (limited government/government size) fiscal freedom, government spending, (regulatory efficiency) business freedom, labor freedom, monetary freedom, (open markets) trade freedom, investment freedom and financial freedom. Scores in these categories are averaged to create an overall score.