Armenia climbed six notches in the World Economic Forum’s Global Competitiveness Report 2017-2018 to rank 73rd among 137 economies included in the report.

The report assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity.

With a score of 4.19 out of a maximum of 7, the country is said to be in the efficiency-driven stage, which means it must begin to develop more-efficient production processes and increase product quality.

In the rankings, Azerbaijan took the 35th spot, Russia and Turkey came in the 38th and 53rd, while Georgia and Iran followed in the 67th and 69th positions, respectively.

Switzerland, the United States and Singapore remain the three world’s most competitive economies, the Netherlands and Germany rounding up the top 5.

Yemen, Mozambique and Chad took the back seat in the rankings as countries with the worst competitiveness indices.