Armenia is ranked 79th (up from 82nd last year) in the Global Competitiveness Report 2016-2017 released by the World Economic Forum today.
Switzerland tops the ranking followed by Singapore and the United States. Armenia’s neighbors in the region are placed as follows: Georgia – 59h, Azerbaijan – 37th, Turkey 55th, Iran – 76th.
Armenia’s partners in the Eurasian Economic Union Russia and Kazakhstan are ranked 43rd and 53rd respectively. Kyrgyzstan is 111th, no data is available for Belarus.
The Global Competitiveness Report 2016-2017 assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity.
This year’s edition highlights that declining openness is threatening growth and prosperity. It also highlights that monetary stimulus measures such as quantitative easing are not enough to sustain growth and must be accompanied by competitiveness reforms. Final key finding points to the fact that updated business practices and investment in innovation are now as important as infrastructure, skills and efficient markets.