South Korea ranks sevnth in global business environment

South Korea ranked 7th in terms of favorable business environment, the highest since the ranking began to be compiled by World Bank in 2003, the country's finance ministry said Tuesday. South Korea's ranking of business environment increased one notch from the prior year to reach 7th among 189 countries in 2013, according to the World Bank's report cited by the Ministry of Strategy and Finance. The country's ranking was included in the global top 10 list for three straight years, rising to the 10-year high in 2013. The 2013 figure ranked second among G20 member countries, while coming in fourth among the OECD members. South Korea's ranking continued to rise from 30th in 2007 to 16th in 2010 and 8th in 2011 and 2012 respectively. The higher ranking was attributed to fewer days required to start businesses, lower costs to receive construction permits and higher recovery rate of loans defaulted. Items for capability to settle legal disputes, costs to connect electricity and international trade stayed at the high ranking like last year, the ministry said. Meanwhile, Singapore kept its top position in terms of business environment, trailed by Hong Kong, New Zealand, the United States and Denmark.