Singapore called 'best place for business'

Oct 29, 2014, 2:54 AM EDT
Fireworks burst above the skyline of Singapore as the city celebrates its National Day on August 9, 2014. Over 25,000 people reportedly attended official celebrations to mark the citystate's 49th birthday.
AFP/Getty Images

Singapore has been ranked the best country to do business for a ninth consecutive year, according to an annual survey by the World Bank. The BBC writes:

New Zealand came second and Hong Kong third in the lender's "Doing Business" report which rates 189 nations by the ease in which firms can operate there. The UK moved up one position to eighth while the US stayed at number seven.

Eritrea was at the bottom of the table, along with Libya, the Central African Republic and South Sudan.

The World Bank ranking uses metrics such as the time taken to launch and close a business, gain construction permits and pay taxes in a country's largest business city. "The list remains very similar to last year's" the report said.

"Economies in the top 20 continued to improve their business regulatory environment."

The survey, which was first published in 2004, was expanded this year to include the second-largest business city in countries that have more than 100 million people. There were 11 countries that were affected by this change, including China, India, Indonesia, Bangladesh and Pakistan.

The survey, which was first published in 2004, was expanded this year to include the second-largest business city in countries that have more than 100 million people. There were 11 countries that were affected by this change, including China, India, Indonesia, Bangladesh and Pakistan.

YOU MIGHT ALSO LIKE