Armenia is ranked 41st (up from 47th last year) in the 2019 Doing Business: Training for Reform Report released by the World Bank.
Georgia, in 6 the place in the Doing Business rankings, is the highest ranked economy in the Europe and Central Asia region, followed by FYR Macedonia (10), Azerbaijan (25), and Kazakhstan (28).
The region’s lowest ranked economies are Tajikistan (126) and Bosnia and Herzegovina (89). Other large economies in the region and their rankings are the Russian Federation (31), Turkey (43), and Ukraine (71).
A total of 54 reforms, making it easier to do business, were implemented by 19 of the region’s 23 economies in the past year. The region accounted for 17 percent of the 314 reforms implemented worldwide.
Two economies in Europe and Central Asia are among top global improvers: Azerbaijan (with 8 reforms) and Turkey (with 7 reforms), Armenia (with 5 reforms) and the Russian Federation and Kyrgyz Republic (with 4 reforms each) were also among notable reformers in the region.
In the World Bank Group’s annual ease of doing business rankings, the top 10 economies are New Zealand, Singapore and Denmark, which retain their first, second and third spots, respectively, for a second consecutive year, followed by Hong Kong SAR, China; Republic of Korea; Georgia; Norway; United States; United Kingdom and FYR Macedonia.
The project provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level.
The project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle. Doing Business captures several important dimensions of the regulatory environment as it applies to local firms.
It provides quantitative indicators on regulation for starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency, also measures features of labor market regulation.