Among the ten areas observed, Slovenia performed the best in trading across borders, where it claimed first place.

The report puts New Zealand at the top ahead of Singapore, which had been no. 1 in the previous ten years.

Placing right ahead of Slovenia were France, the Netherlands and the Czech Republic, while the country is followed by Switzerland, Spain and Slovakia.

Slovenia's second best ranking was in protecting minority investors, where it was 9th, down two places from last year. The country remained in 12th as regards resolving insolvency.

Slovenia's biggest jump was recorded in getting electricity, where it reached 16th place, up 19 places from last year. Another big leap was seen in the area of paying taxes, where Slovenia climbed 11 notches to 24th place.

Slovenia's ranking also improved when it comes to registering property, where it gained two spots to 34th, while the country lost as many as 31 spots in the ranking related to starting a business, where it ranked 49th.

Another drop was recorded in the dealing with construction permits category, where Slovenia took 80th place, down nine spots from last year.

The country also lost two spots in the ranking related to enforcing contracts, taking 119th place. The worst ranking was in getting credit, where Slovenia dropped seven notches to 133rd place.

The annual Doing Business report is made based on data from surveys carried out among 12,500 business and law experts from individual countries. This year, the surveys were carried out in 190 countries.