According to the World Bank’s “Doing Business 2015” report, which measures the regulations that enhance business activity and those that constrain it in 189 national economies, Armenia ranked 45th overall – a slight improvement over the previous year’s ranking of 49.

The report looks at several key indicators to come up with an overall ease of doing business ranking.

These include: Starting a Business, Dealing with Construction Permits, Getting Electricity, Registering Property, Getting Credit, Protecting Minority Investors, and Paying Taxes.

The largest improvement in Armenia was registered in terms of paying taxes. In the current report Armenia was ranked 41st – an improvement of 32 places.

The largest backward slide was registered in terms of getting credit. Armenia fell to 36th place from its previous 30 ranking.

In the World Bank report, Armenia is described as a “lower middle income” country with a GNI per capita of US$3,790.