According to the World Bank’s recently released “Doing Business 2018” report, it’s gotten slightly easier to do business in Armenia - 0.59 easier.

The report, which investigates regulations that enhance business activity and those that constrain it, ranks Armenia in 47th place, out of 190 countries, in the ease of doing business.

Last year, Armenia ranked 38th. Evidently, several countries have achieved greater success in facilitating business in their countries than Armenia; at least according to the World Bank.

Armenian Prime Minister Karen Karapetyan, at a press conference today in Yerevan, mentioned the report, and said that despite the fall in Armenia’s overall ranking the business environment in the country had improved.

“I am certain the business environment in our country has improved. That what I hear when I meet with businessmen and with diplomates from various nations that defend business interests. We’ve lightened the tax and customs regulations, the return of VAT, and granting of licenses,” Karapetyan said.

Doing Business measures aspects of regulation affecting 11 areas of the life of a business. Ten of these areas are included in this year’s ranking on the ease of doing business: 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.  

Georgia ranked far better (8th), while Azerbaijan lagged in 57th place. Russia, Armenia’s main economic partner, came in 35th.