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The World Bank says Georgia is now one of the top 10 countries in the world where it is easiest to do business.

Georgia is ranked ninth on the World Bank’s new list of economies that have implemented the most “business friendly” regulations -- defined as making it easiest for people to register a company, register property, pay taxes, and enforce contracts.

Australia ranks 10th behind the Caucasus country, while the list is topped by Singapore, Hong Kong, New Zealand, the United States, Denmark, Norway, Britain, and South Korea.

The World Bank also lists the 10 countries that saw the most progress in implementing changes in the past year to improve the ease of doing business.

They include: Poland, Sri Lanka, Ukraine, Uzbekistan, Burundi, Costa Rica, Mongolia, Greece, Serbia and Kazakhstan.

With reporting by Reuters