Singapore Is Most Business-Friendly Economy, Report Says

Singapore is the world's most business-friendly economy based on the ease of conducting business, according to a report published by the World Bank and the International Finance Corp.

The island-state topped the rankings for a second year in the Doing Business 2008 report, while it was ranked second in 2006, the report said. New Zealand was second, the U.S. was third and fourth was Hong Kong, the report said.

The ease of doing business index is calculated on categories including starting a business, dealing with licenses, employing workers, registering properties, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, and closing a business.