Georgia tops in the region in 2014 doing business index

Georgia has the Europe and Central Asian highest ranking for improving the ease of doing business, at 8^th position, according to the 2014 Doing Business report released on Tuesday.

Georgia improved its position by one point compared with last years 9th position.

Georgia improved its credit information system by implementing a new law on personal data protection, the report reads. Distance to the front in 2013 (percentage points) is 81.1, a 0.2 point improvement compared to 2012.

Published by the World Bank Group, the 2014 Doing Business Report analyzed regulations that apply to an economys businesses during their life cycle, including start-up and operations, trading across borders, paying taxes, and resolving insolvency.

Georgia improved ratings in three main topics including paying taxes, trading across border, and resolving insolvency issues.

Moreover, Georgia is second only to Rwanda among the economies that have narrowed the gap with global good practices since 2005.

Globally, Singapore has again retained its number one slot in the global ranking on the ease of doing business. It is the eighth consecutive year that Singapore has received this ranking. The other nine economies with the most business-friendly regulations are Hong Kong, New Zealand, United States, Denmark, Malaysia, Korea, Georgia, Norway and United Kingdom.

The total ease of doing business rankings are based on 10 indicators and cover 189 economies. This years report marks the 11th edition of the global Doing Business report series and covers 189 economies.