World Bank Group ranked New Zealand, Singapore, Denmark, Hong Kong SAR China, Korea, Georgia, Norway, United States, United Kingdom, and FYR Macedonia as top 10 countries where there is ease of doing business.
Hong Kong and Singapore's inclusion in the top list made East Asia and the Pacific home to two of the world's 10 Doing Business economies.
China is one of this year's top 10 improvers, climbing up more than 30 spots to 46th place in the global rankings. The country also did well in the reform's category ranking, carrying out a total of 43 reforms in 2017. China has specifically performed impressively in the areas of Starting a Business and Getting Electricity.
The United States, on the other hand, fell to number 8 from being number 6 last year.
World Bank ranks 190 countries based on how doing conducive it is to set up and operate the business by taking into consideration the countries' existing trade regulations, property rights, contract processes, investment laws, and available financial support.
World Bank said that countries have set a new record in implementing reforms for the domestic and private sector.
The ranking showed that Afghanistan is the economy that had improved the most in terms of business reforms, climbing 16 spots from 183th in 2017 to 167th this year.
This year was also the second time in a row that Djibouti and India made it the top 10 most improved list.
Afghanistan, Djibouti, Azerbaijan, Togo, Kenya, Cote d'Ivoire, Turkey, and Rwanda completed the top 10 most improved list.
Djibouti and India, being in the top 10 for a second consecutive year, had six reforms respectively. Afghanistan with its five reforms and Turkey with its seven reforms became top improvers for the first time.
Other key findings of the report include an observation where reforms are taking place in markets where reforms are needed the most. For instance, Sub-Saharan Africa had a record number of 40 economies that implemented a total of 107 business reforms.
The Middles East and North Africa region also recorded a new high with a total of 43 reforms.
Bloomberg has listed the countries that set new records for this year's Doing Business report. New Zealand, for instance, ranked number 1 for the third year in a row.
The United Arab Emirates, which ranked at number 11, moved up 10 spots to being number 11 this year.
Malaysia jumped from number 24th last year to number 15 this year.
Belgium ranked at number 45, performed the best in terms of strengthening access to credit and enhancing the legal rights of borrowers as well as lenders.
Djibouti, ranked number 99, remarkably improved its scores by 8.87 points this year.
