Arthur J. Villasanta – Fourth Estate Contributor
Washington, DC, United States (4E) – The United States is the eighth best place in the world to do business in, according to the World Bank’s annual ranking of the best places for business.
The ranking is worse than that for 2017 when the U.S. placed sixth. The World Bank said the drop was caused by a wide range of unfavorable factors. The U.S. fell to for its process of getting electricity and 50th on protections for small shareholders in businesses
It also received poor marks for its 15-day process of registering property. This placed the U.S. 38th while the country placed 37th for its difficulty of paying taxes.
The top three countries — New Zealand, Singapore, and Denmark — maintained their spots for the third year in a row.
Hong Kong and South Korea came in at the fourth and fifth spots respectively, which they have been bouncing between since 2015.
Economies were ranked on their ease of doing business on a scale from 1-190. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.
The rankings are determined by sorting the aggregate scores on 10 topics. Each topic consists of several indicators, giving equal weight to each topic. The rankings for all economies are benchmarked to May 2018.
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