Armenia rated N94 according to Forbes Best Countries for Business ranking

PanARMENIAN.Net - The economic downturn that's swept the globe has crushed financial markets, exploded unemployment and shaken confidence in the banking system.



The disaster isn't shared equally, though. Some countries are in a much better position than others to rebound from the current malaise by attracting entrepreneurs, investors and workers.



Forbes annual Best Countries for Business ranking looks at business conditions in 127 economies. This year Armenia went down 31 points finding itself No. 94 (as compared to last year's N63).



According to Forbes Armenia has to implement additional economic reforms to improve its economic competitiveness.

Topping the list for 2009: Denmark, for a second straight year, takes the No. 1 spot. The U.S. is up two spots to No. 2, Canada is up four spots to No. 3, Singapore is up four to No. 4 and New Zealand is up seven to No. 5.



Big movers included New Zealand (No. 5, up seven spots), followed by Jordan (No. 33, up 28), Australia (No. 8, up five), United Arab Emirates (No. 46, up 28) and Malaysia (No. 25, up 13).



Sliding the most this year was Ireland (No. 14, down 12), which even saw plans for a Guinness mega-brewery shelved by parent Diageo as exports slowed. Uruguay (No. 66, down 22), Paraguay (No. 99, down 29) and Latvia (No. 45, down 13) rounded out this year's rankings.