World Bank rates Baltics as business-friendly

WASHINGTON - A recent report issued by the World Bank has ranked thethree Baltic states in the top 30 most business-friendlycountries in the world.

The report, titled Doing Business 2009, said that theBaltics and Georgia were leading the Eastern Europe and Central Asia region in terms of business-friendliness.

"The region surpassed East Asia andPacific in the average ease of doing business in 2007 and maintained its placethis year. Four of its economies 's Georgia,Estonia, Lithuaniaand Latvia 'sare among the top 30 in the overall Doing Business ranking," the report said.

Estoniaheld the best ranking of the Baltic states and washailed by the report as the 22nd most business-friendly country in the world,wedged in between Switzerlandand Korea. Lithuaniaand Latvia,meanwhile, scored 28th and 29th respectively 's ahead of Israelbut behind Austria.

Latviaand Lithuaniawere found to have drastically improved their scores with regards to the easeof registering property for business purposes. Latviawas also cited as improving how easy it is to close a business.  

Singapore ledthe global rankings on the overall ease of doing business for
the third consecutive year. New Zealandcame in at second place and the United Statesthird.

Other countries included in the top-10 are Hong Kong, Denmark, the United Kingdom, Irelandand Canada. Azerbaijanwas rated as the most reformed country in terms of business-friendliness.

The three least favorable countries for business activity are the DemocraticRepublic of Congo, Central African Republicand Guinea-Bissau.

"Doing Business" ranks economies based on 10 indicators of businessregulation that record the time and cost to meet government requirements instarting and operating a business, trading across borders, paying taxes, andclosing a business.