In the Global Competitiveness Report 2010-2011, just issued by the World Economic Forum, Armenia ranked 98th out of 139 nations surveyed. This is a drop from Armenia’s last year’s ranking of 97. The report cited corruption, tax regulations, access to financing and an inefficient government bureaucracy as the most problematic factors for doing business. Turkey ranked 61st and Russia 63rd. Georgia came in at the 93 spot. The GCI is based on 12 pillars of competitiveness, providing a comprehensive picture of the competitiveness landscape in countries around the world at all stages of development. The pillars are: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.