Armenia went up from 55 to 32 spots in the annual Doing Business ranking issued by the International Finance Corporation and the World Bank.

Armenia is sandwiched between the Netherlands and Belgium improving its indicators by 23 spots.   

Georgia jumped from the 16th to 9th position, Azerbaijan is ranked 67th, Turkey – 71st and Iran 145th.

The most favorable states for doing business are Singapore, Hong Kong, New Zealand, U.S. and Denmark.

In the eighth annual ranking economies are ranked on their ease of doing business, from 1 – 185. A high ranking on the ease of doing business index means the regulatory environment is more conducive to the starting and operation of a local firm. This index averages the country's percentile rankings on 10 topics, made up of a variety of indicators, giving equal weight to each topic.