YEREVAN (Arka)—Armenia is ranked number one for businesses among former Soviet republics comprising the Commonwealth of Independent States (CIS), according to Forbes’ Best Countries for Business report ranking 146 countries. Armenia ranks 56th in the world, overall, having climbed from 64th place among 141 countries in the 2013 report.
Armenia is well ahead of Russia (ranked 91st), Kazakhstan (65th), Azerbaijan (60th), Kyrgyzstan (101st), Moldova (75th) and Ukraine (88th).
Georgia, which left the CIS in 1993, has the highest position among former Soviet republics, occupying the 47th position. Armenia’s two other neighbors, Turkey and Iran, are ranked 50th and 132nd respectively.
The list of best countries is topped by Denmark, which is followed by Hong Kong and New Zealand. The top ten also includes Ireland, Sweden, Canada, Norway, Singapore, Switzerland and Finland. The three worst performers on the list are Chad, Libya, and Guinea.
The Forbes Best Countries for Business report ranked 146 countries on eleven factors: property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance.
The rankings used data from Freedom House, Heritage Foundation, Property Rights Alliance, Transparency International, the World Bank, and the World Economic Forum.