Armenia ranks 77th in Forbes’ list of Best Countries for Business

PanARMENIAN.Net - The U.S. continues to lose ground against other nations in Forbes’ annual look at the Best Countries for Business. The U.S. placed second in 2009, but it has been in a steady decline since. This year it ranks 12th, down from No. 10 last year.

The U.S. trails fellow G-8 countries Canada (No. 5), United Kingdom (No. 10) and Australia (No. 11).

New Zealand ranks first on Forbes’ list of the Best Countries for Business, up from No. 2 last year, thanks to a transparent and stable business climate that encourages entrepreneurship. New Zealand is the smallest economy in top 10 at $162 billion, but it ranks first in four of the 11 metrics examined, including personal freedom and investor protection, as well as a lack of red tape and corruption.

Ranking second on the list is Denmark, on the strength of its technology, trade freedom and property rights, followed by Hong Kong, Forbes official website reported.

Russia and Ukraine came in at No.105 and 104 respectively, with Armenia ranking 77th, Georgia - 50th, Azerbaijan - 73rd.