South Korea has the fifth best business environment in the world,... according to a new report by the World Bank.
Now, this sounds great,... but the country is actually down from last year.
Lee Seung-jae reports.
According to the "Doing Business 2018" report released by the World Bank on Wednesday,... South Korea edged down to fifth place,... one-notch lower than its standing a year earlier.
In terms of legal settlements, South Korea placed second this year.
It was also runner-up in terms of the electricity supply.
In the field of construction permits, South Korea remained in 10th place.
South Korea's slip in the latest ranking was due to its standing for dealing with insolvency,... as it slumped to 11th from 5th,... while corporate funding standing dropped five-notches to 60th overall.
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 also checked legal and administrative rules and practices,... as well as feedback from experts and businessmen in related fields.
It's designed to provide the best practice benchmarks for developing countries.
Topping the survey was New Zealand,... followed by Singapore and Denmark.
Hong Kong finished 4th,... with the United States, Britain and Norway all making the top 10.
Lee Seung-jae, Arirang News.