Armenia is ranked 77in the list of the best countries for doing business issued by Forbes.

“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,” says Armenia’s profile in Forbes.

Baltic States are the best among post-Soviet states. Azerbaijan is the 73rd, while Georgia is ranked the 50th. Russia is left out of 100 best countries falling to the 105th spot.

New Zealand tops the rankings thanks to a transparent and stable business climate that encourages entrepreneurship.