World Bank: best country for business is Singapore

WASHINGTON, Oct. 29 (UPI) -- An annual survey by the World Bank rates Singapore, for the ninth consecutive year, as the best country in which to do business.

The survey notes taxes, construction costs and time to establish a business, among other factors, in the country's largest cities in compiling its list of 189 countries. The analysis said it is easier, in general, to do business around the world, and the least welcoming countries for business have improved. It credited better business practices and regulatory reforms in emerging nations.

"The list remains very similar to last year's. Economies in the top 20 continued to improve their business regulatory environment," the report said.

Singapore was followed, in order, by New Zealand, Hong Kong, Denmark, South Korea, Norway, the United States, the United Kingdom, Finland and Australia. Although sub-Saharan African countries are near the bottom of the list, the region is home to five of the 10 most improved countries. Libya, the Central African Republic and Eritrea were at the bottom of the list.

China advanced three spots to 90th place, while Japan fell two, to 29th.