The Venture Capital & Private Equity
Country Attractiveness Index
Alexander Groh, Heinrich Liechtenstein, Karsten Lieser and Markus Biesinger

Armenia  
Rank: 90 · Score: 32.9  

Basic facts, 2020        
Population (millions) 3.0   IPOs and pulic issues (quartile) Bottom
GDP (US$ billions) 12.8   M&A volume (quartile) Bottom
GDP per capita (US$) 4,324.0   Venture capital investments (quartile) Bottom
GDP growth (per cent) -4.5   Private equity investments (quartile) Bottom
 
 
 
Performance Overview
Indicator   Rank / 125 Rank Trend Score
VC/PE Country Attractiveness Index 90 39, 39, 39, 35, 35 32.9
1 Economic Activity 115 11, 9, 11, 9, 10 52.4
2 Depth of Capital Market 96 37, 37, 38, 29, 29 11.5
3 Taxation 40 93, 90, 85, 84, 85 98.7
4 Investor Protection and Corporate Governance 43 71, 73, 77, 75, 82 75.8
5 Human and Social Environment 66 53, 52, 51, 55, 59 30.3
6 Entrepreneurial Opportunities 70 60, 59, 58, 55, 55 44.9


 
Historic performance, 2017-2021   Key driver performance, 2021
 

   
VC/PE Rank  
VC Rank  
PE Rank
Armenia  
Asia
 
 
 
Peer Group Comparison
 
Regional Peers Economic Activity Depth of Capital Market Taxation Investor Protection and
Corporate Governance
Human and Social
Environment
Entrepreneurial
Opportunites
Sri Lanka 72.8 50.8 77.9 60.1 24.5 41.3
Bangladesh 85.2 42.5 79.4 34.8 21.5 39.1
Mongolia 56.6 19.1 81.8 65.1 26.0 36.8
Armenia 52.4 11.5 98.7 75.8 30.3 44.9
Azerbaijan 68.7 7.6 99.6 83.4 29.1 42.8
Cambodia 69.6 18.5 76.1 44.1 18.4 22.6
Kyrgyzstan 52.3 12.5 48.9 60.9 20.9 35.5
Last updated: 21 Jun 2021