Macedonia was ranked 92nd among 175 countries surveyed in the World Bank's report on the ease of doing business.
The 10 highest ranked economies in terms of ease of doing business are Singapore, New Zealand, United States, Canada, Hong Kong (China), United Kingdom, Denmark, Australia, Norway and Japan.
Among the countries in the region, Romania is highest-ranked - 49th, whilst Croatia came up with lowest ranking in the region - 124th. Only two European countries - Ukraine and Belarus - got lower rankings than Croatia.
Serbia was ranked 68th, marking a huge progress compared to other countries in the Balkan region. Serbia was ranked 95th in last year's doing business report. Meanwhile it jumped 27 places higher.
Montenegro was ranked 70th, Bulgaria 54th, Slovenia 61st, Hungary 66th, Bosnia and Herzegovina 95th, Greece 109th and Albania 12oth.
Congo and East Timor are lowest ranked.
Economies are ranked on their ease of doing business, from 1 – 175, with first place being the best. A high ranking on the ease of doing business index means the regulatory environment is conducive to the operation of business. This index averages the country's percentile rankings on 10 topics, made up of a variety of indicators.
The 10 topics covered in the database include: starting a business, dealing with licenses, employing workers, registering property, getting loan, protecting investors, paying taxes, trading across borders, enforcing contracts, closing a business.
Macedonia is ranked 48th in terms of getting credit. The country, however, was ranked 127 in terms of trading across borders. It marked improved ranking (76th) in starting a business. Country's ranking on launching a business improved from the last year's report, when it was ranked 129th