Armenia is ranked 88th in the Forbes Best Countries for Business List.
According to the article, the government has made some improvements in tax and customs administration in recent years, but anti-corruption measures have been largely ineffective. Armenia will need to pursue additional economic reforms and strengthen the rule of law in order to raise its economic growth and improve economic competitiveness and employment opportunities, especially given its economic isolation from Turkey and Azerbaijan. Armenia’s geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to deteriorations in the global commodity markets and the economic challenges in Russia.
Armenian neighbor Georgia takes the 52th position, Turkey is 56th, Iran is 100th, and Azerbaijan is 70th.
According to Forbes, the best country for business this year is UK. Chad was ranked the worst place to do business in 2018.
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