Armenia has taken the 81st spot in Forbes’ 13th annual look at the Best Countries for Business among 161 countries ranked.

The data is based on published reports from Freedom House, Heritage Foundation, Property Rights Alliance, United Nations, Transparency International, World Bank Group, Marsh & McLennan and World Economic Forum.

With a $12 billion GDP, Armenia is nestled between Jamaica and Tunisia.

Neighboring Azerbaijan is placed the 70th, Georgia has the 44th position and is followed by Russia in the 55th, Turkey in the 57th, Kazakhstan in the 65th, Ukraine in the 77th and Belarus in the 88th.

The magazine gauged the Best Countries for Business by rating nations on 15 different factors, including property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape and investor protection. Other metrics included were workforce, infrastructure, market size, quality of life and risk. Each category was equally weighted.