Armenia Ranks 69th in 2019 Global Competitiveness Index
Armenia, with a score of 61.3, ranks 69th the World Economic Forum’s 2019 Global Competitiveness Index 4.0 covering 141 economies.
Last year, Armenia ranked 70th.
The Global Competitiveness Index 4.0 measures national competitiveness—defined as the set of institutions, policies and factors that determine the level of productivity.
Singapore came in first place in the index, and Chad came in last place.
In the Eurasia category, which includes Armenia, Russia ranks 43rd, Kazakhstan-55th, Azerbaijan-58th, Georgia-74th, Ukraine-85th, Moldova-86th, Kyrgyz Republic-96th, and Tajikstan-104th.
The Index says that the GDP per capita in Armenia is US$4,149.30 and the unemployment rates is 17.7%
Armenia’s ranking is based on the following ten index component pillars and their scores:
INSTITUTIONS – 56.2
INFRASTRUCTURE – 69.4
ICT ADOPTION – 62.0
MACROECONOMIC STABILITY – 75.0
HEALTH – 80.7
SKILLS – 66.8
PRODUCT MARKET – 59.1
LABOR MARKET – 66.4
FINANCIAL SYSTEM – 60.2
MARKET SIZE – 37.5
BUSINESS DYNAMISM – 62.5
INNOVATION CAPABILITY – 39.4
According to the report, Armenia's competitive disadvantages include the low level of capital market development, the low level of social capital, the mobility of labor within the country, the small volumes of gross domestic product, and transport dependency. Armenia ranks low in terms of naval port efficiency.
Armenia's advantages include low inflation, low payroll taxes, a short period of time needed to start a business, the increasing loans / GDP ratio, providing the population with electricity supply to residents, and the ease with which foreigners are accepted for work.
The index is part of The Global Competitiveness Report series, first launched in 1979.