Last year, Singapore was on top of every business index, from the happiest country in the world to the best place to do business.
But times have changed for the republic and this year, according to the World Bank, New Zealand has over taken Singapore as the best country in the world to do business.
Singapore slipped to second in the bank’s 2017 “Doing Business” report, after being in pole position for the past ten years.
The report ranks countries based on 11 sets of indicators such as ease of starting a business, dealing with construction permits, accessing electricity and obtaining credit.
For the first time, the Washington-based development lender took gender factors into consideration in assessing how easy it is to start a business, register property and enforce contracts.
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