ArmInfo. Armenia ranked 37th out of 101 countries in the World Bank's new Business Ready (B-Ready) ranking, which has replaced the Doing Business framework for assessing the investment and business climate globally. Armenian Economy Minister Georg Papoyan shared this information in an interview with Public Television.
According to the Minister, Armenia's score for the first pillar of the Regulatory Framework is 72.91% (compared to the global average of 66.3%). Armenia ranked 29th in this criterion, ahead of Cyprus, Canada, Sweden, Taiwan, Hong Kong, and New Zealand. "This is important to note in order to understand the World Bank's opinion on Armenia's economic environment and the ongoing reforms," Papoyan said.
Armenia has improved its ranking in the Public Services category by 32 places, with a score of 66.05%, compared to the global average of 54%. In terms of Operational Efficiency, Armenia is ranked 64th with a score of 61.18%, compared to the global average of 60%. The Minister of Economy also emphasized Armenia strengths in starting a business (1st place), financial services (2nd place), taxes (16th place), and others. "One of the weak points is business insolvency. There is a lot of work to be done in this area, and we also face challenges in the context of international trade, due to existing restrictions," he noted.
Recall, according to the latest Doing Business ranking, Armenia ranked 47th out of 190 countries in 2020. This project was terminated in 2021.
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