Singapore has retained its title as the best place in the world to do business for the seventh consecutive year, according to the a report released by The Economist Intelligence Unit, citing the island nation's "efficient and open economy."
Rounding out the top 5 best places to do business are Switzerland, Australia, Hong Kong and Sweden, respectively. In the top 10 are Canada, the US, Denmark, New Zealand and Finland.
"Singapore is consistently near the top - or at the top - of our rankings," says EIU global analyst Mike Jakeman. "The economy is open and efficient, and it is close proximity to several other excellent places to do business, which means that policymakers are incentivised to keep making improvements."
The world’s second biggest economy, China was in 50th place and its third biggest, Japan, was ranked 23rd.
Rankings were based on the attractiveness of a country's business environment as measured by the political climate, openness to foreign investment, taxes, labour market and infrastructure.