Singapore is the best place for business

For the seventh year running, Singapore has been crowned the most business-friendly economy in the world.

The country comes ahead of Hong Kong and New Zealand, with the US and Denmark rounding up the top five.

Singapore beat 184 other countries for the top spot in the World Bank and International Finance Corporation’s Doing Business report.

The report measures 11 areas of business including business regulations, the ease of starting a business, getting construction permits, electricity and credit, paying taxes and employing workers.

While Singapore had a strong score overall, it did not fare as well in areas such as registering property, getting credit and enforcing contracts.

Nonetheless, Karim Belayachi, the report’s co-author, said Singapore is still a benchmark and inspiration for other countries.

China has made the most progress, reporting 16 business regulatory improvements since 2005, while Mongolia has showed the greatest evidence of reform in the last year.