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Armenia is ranked 56th in the Best Countries for Business ranking issued by Forbes that listed 146 states.

“After several years of double-digit economic growth, Armenia faced a severe economic recession with GDP declining more than 14% in 2009, despite large loans from multilateral institutions. Sharp declines in the construction sector and workers' remittances, particularly from Russia, led the downturn.The economy began to recover in 2010 with 2.1% growth, and has grown even faster in the three years since then ,” the report said.

Forbes experts noted that the Armenian government made some improvements in tax and customs administration in recent years, but anti-corruption measures have been ineffective and the economic downturn has led to a sharp drop in tax revenue and forced the government to accept large loan packages from Russia, the IMF, and other international financial institutions.

“Armenia will need to pursue additional economic reforms and to strengthen the rule of law in order to regain economic growth and improve economic competitiveness and employment opportunities, especially given its economic isolation from two of its nearest neighbors, Turkey and Azerbaijan,” the report said.

Denmark is named the best state for doing business, while top ten also includes Hong Kong, New Zealand, Ireland, Sweden, Canada, Norway, Singapore, Switzerland and Finland.

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