According to the Global Competitiveness Report released by the World Economic Forum, Armenia improved its position by 6 points, ranking 73 among 137 countries. Sevak Hovhannisyan, member of the board of "Economy and Values" Research Center, told reporters today, presenting the main results of the report.

It should be noted that last year Armenia ranked 79th among 138 countries.

Competitiveness of the countries in the World Competitiveness Report is estimated by the World Competitiveness Index (ADI). It has been developed by the World Economic Forum (WEF) and is calculated based on 12 factors of competitiveness.

According to Sevak Hovhannisyan, Armenia has recorded two deterioration: macroeconomic environment and technological readiness, while the other ten factors have improved.

Particularly, considerable progress has been made in the areas of healthcare and elementary education, innovation, business development, institutes and product market efficiency. Some positive changes have also been made in the market size, infrastructure, and labor market performance.

Sevak Hovhannisyan mentioned that the number and timing of business start-ups continue to be Armenia's remarkable advantages. Armenia's remarkable advantages include the low tax burden and the flexibility of hiring or removing from work. Competitive deficiencies are in such important areas as funding through the local capital market, the quality of the port infrastructure (those countries that do not have access to the sea, the closest port), and the external market size index.

Russia (5 points), Azerbaijan (by 2 points), Moldova (11 points) and Kyrgyzstan (9 points) recorded progress in the group of CIS countries. Georgia (by 8 points), Kazakhstan (by 4 points) and Tajikistan (by 2 points) showed progress. Ukraine has improved its position by 4 points.

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