According to the Geneva-based World Economic Forum's annual ranking, Armenia climbed 6 places to become 92nd among 142 countries.

As Economy and Values research center chairman Manuk Hergnyan told journalists in Yerevan, the report points out to the unsettled problems in business environment and imperfect customs procedures.

Armenia is still behind Georgia, Russia, Azerbaijan, Kazakhstan and Ukraine but comes ahead of Moldova, Tajikistan and Kyrgyzstan.

The U.S. slipped further among competitive economies, taking 5th place due to huge deficits and pessimism about government. Switzerland retained the top spot, being followed by Singapore, Sweden and Finland.