Slovenia scored a 4.48 mark, which puts it behind Costa Rica (4.50) and Mauritius and Brunei (both 4.52) and ahead of Bulgaria (4.46), Panama and and Mexico (both 4.44), according to a report published on the WEF website on Wednesday.

Like in previous years, Slovenia fared the worst in financial market development (106th) and labour market efficiency and market size (82nd). Meanwhile, it scored the best marks in health and primary education (14th) and higher education and training (24th).

Slovenia ranks 35th in innovation and technological readiness, 39th in infrastructure, 40th in market efficiency and macro-economic environment, 41st in business sophistication and 56th in institutions.

The WEF Global Competitiveness Report 2017-2018 sees tax rates, inefficient government bureaucracy, restrictive labour regulations and tax regulations as the most problematic factors for doing business in Slovenia. Crime and theft and inflation are seen as the least problematic.

Austria fared the best among Slovenia's neighbours, ranking 18th, and Italy is also ahead of Slovenia (43rd), while the remaining two neighbours are behind, with Hungary ranking 60th and Croatia 74th.

Slovenia is also the best ranked former Yugoslav republic, with Montenegro ranking 77th, Serbia 78th and Bosnia-Herzegovina 103rd. Macedonia is not on the list.

The list is topped by Switzerland (5.86), followed by the US (5.85), Singapore (5.71), the Netherlands (5.66) and Germany (5.65). Taking the last four spots are Liberia, Chad, Mozambique and Yemen.