The level of bribery has reduced in Armenia in the past year, data provided by the World Economic Forum in its latest Global Competitiveness Index reveal.

The authors of the report have calculated that firms made undocumented extra payments or bribes connected with imports and exports; public utilities; annual tax payments; awarding of public contracts and licenses; obtaining favorable judicial decisions.

Armenia takes the 61st spot among 137 economies reported, Azerbaijan is the 63rd, while Georgia is ahead on the 30th position.

Finland, New Zealand and Singapore are the world's least corrupt countries, while Chad, Guinea and Mauritania are on the bottom end.

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