Singapore (dpa) – Two small Asia-Pacific nations have come out on top as the best places in the world to do business, according to a World Bank report released Wednesday.
Singapore and New Zealand were ranked first and second in terms of the ease of doing business by the annual World Bank survey, which measures regulations in countries and their impact on business activity. Singapore has regularly topped the bank’s closely-watched list.
The top 10 was rounded out by established economies Hong Kong, Denmark, South Korea, Norway, the United States, the United Kingdom, Finland and Australia.
The Doing Business report also highlighted 10 economies that had seen the most improvement in the past year: Tajikistan, Benin, Togo, Cote d’Ivoire, Senegal, Trinidad and Tobago, the Democratic Republic of Congo, Azerbaijan, Ireland and the United Arab Emirates.
Kaushik Basu, Senior Vice President and Chief Economist of the World Bank, cited “regulations that determine how easy it is to start a business, the speed and efficiency with which contracts are enforced, the paperwork needed for trade,” as among the key factors in the ranking.