Armenia was ranked 56th in Forbes' new Best Countries for Business – 2014 list, leaving behind its CIS neighbors - Azerbaijan was placed 60th, Russia 91st, Moldova 75th, Ukraine 88th, Kyrgyzstan 101st.

Among the regional states, Georgia took the 47th spot, Turkey - 50th, Iran - 132nd.

According to Forbes, Armenia has improved its position in the "monetary freedom" and "tax burden" criteria.

The neighboring Azerbaijan is estimated to have worsened its position in the "personal freedoms" criteria. "Azerbaijan has had a limited progress only in the market-oriented economic reforms. Corruption in the private sector and structural economic weaknesses remain an obstacle to growth, especially in the non-energy sector," Forbes said.

United States was placed 18th in the ranking, with Denmark named the best country for business in 2014, followed by Hong Kong and New Zealand.