Anchor: South Korea has been placed fifth among 190 economies in an annual World Bank report ranking countries in terms of the ease of doing business. South Korea’s ranking fell a notch from last year but was first among the Group of 20 nations.
Our Kim In-kyung has more.

Report: South Korea has placed fifth in an annual World Bank report on country rankings of business efficiency.

According to the new report, Doing Business 2017, released Tuesday, South Korea’s fifth place ranking among 190 economies was down one notch from the previous year.

Although South Korea’s ranking fell, it was still the highest among the Group of 20 nations. Among members of the Organization for Economic Cooperation and Development, South Korea ranked third after New Zealand and Denmark.

New Zealand topped the latest World Bank list, followed by Singapore, Denmark and Hong Kong.

Rounding out the sixth to tenth spots were Norway, the U.K., the United States, Sweden and Macedonia. Japan came in at 34th place while China moved up from 84th to 78th place.

The report surveys the ease of doing business over the life cycle of corporations, from founding startups to their dissolution, appraising how corporate-friendly a country’s regulations are.

Among ten sectors, South Korea’s ranking climbed in four categories, including starting a business, registering property, paying taxes and resolving insolvency. The rankings fell for three categories, including dealing with construction permits, getting credit and protecting minority investors.

The Finance Ministry said the government’s efforts to reform regulations and improve systems have propelled the nation’s corporate environment into a world-class setting in terms of costs and systems in doing business.
Kim In-kyung, KBS World Radio News.