South Korea moved down to fifth place in this year's business environment survey, due to low scores in funding and other sectors, a report by the World Bank showed on Oct. 31, 2018.
According to the "Doing Business 2018" report, which is based on an annual survey, the country's ranking represents a one-notch slip from its standing a year earlier.
For this year, the World Bank analyzed 190 countries' business environments by breaking them down into 10 broad categories in accordance with the business life cycle from the start of operations to closure.
The report checked legal and administrative rules and practices, as well as feedback from experts and businessmen in related fields, and is designed to provide the best practice benchmarks for developing countries.
In terms of legal settlements, South Korea placed second, while it was runner-up in terms of the electricity supply. In the field of construction permits, South Korea remained 10th.
But its standing for dealing with insolvency, slipped to 11th from fifth, with that for corporate funding standing at 60th, down from 55th, the latest report showed.
Meanwhile, New Zealand stood at the top for providing the best overall business environment, followed by Singapore and Denmark. Hong Kong finished fourth this year, with the United States, Britain, Norway and Georgia all making the top 10 roster.(Yonhap)
Park Byung-uk firstname.lastname@example.org