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S. Korea's remains in 5th spot in biz environment ranking: World Bank

All News 11:00 October 24, 2019

SEJONG, Oct. 24 (Yonhap) -- South Korea has remained unchanged in fifth place out of 190 countries in this year's ranking on the ease of doing business, a report showed Thursday.

It marked the sixth straight year that South Korea made the top five in the annual "Doing Business" report by the World Bank.

The ease of doing business ranking measures 10 areas of business regulation -- starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

New Zealand stood at the top for providing the best overall business environment, followed by Singapore and Hong Kong. Denmark finished fourth this year, while the United States and Britain placed sixth and eighth, respectively.

South Korea came in second in the category of getting electricity and enforcing contracts in 2019, respectively, both unchanged from a year earlier.

In comparison, Germany came in fifth in the category of getting electricity, while China, Japan and the U.S. placed 12th, 14th and 64th, respectively.

South Korea moved down to 33rd in terms of starting a business from 11th a year earlier.

In the field of construction permits, South Korea slipped to 12th from 10th.

South Korea's standing for getting credit fell to 67th from 60th, with that for trading across borders standing at 36th, down from 33rd, the latest report showed.


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