In a new report, the World Bank says Ukraine is the country that has improved the most over the past year in making it easier to run a business.
The bank released its latest "Doing Business" report on October 28, ranking 189 countries according to criteria such as ease of opening a business or paying taxes.
Singapore retained its No. 1 position in overall rankings, followed by Hong Kong, New Zealand, and the United States.
But Ukraine -- ranked 112th -- was the top improver in 2012-13, implementing reforms in eight of the 10 areas measured by the report.
Russia, which climbed 20 positions to 92, showed the third-best improvement, implementing reforms in five areas.
Such reforms make it easier to start a business, deal with construction permits, register property, and trade across borders.