Armenia has climbed five notches to claim the 45th spot among 79 emerging economies of the world in a new report from the World Economic Forum (WEF), which is hosting its annual gathering of the global elite in Davos this week.

The Inclusive Development Index 2018 also reports on 24 advanced economies.

Neighboring Azerbaijan is ranked the third, while Georgia is the 32nd.

This is the second year WEF has published the Inclusive Development Index, and the second time Norway has topped the list for advanced economies, scoring highly on all indicators except wealth inequality.