Of the three Baltic states ranked in Doing Business 2014 by the World Bank and IFC, Lithuania did best by placing 17th.
Estonia was ranked 21st, while Latvia was ranked 24th. Lithuania climbed ten places from last year's ranking, while Estonia dropped one place and Latvia improved its position by one place.
The Doing Business 2014 report covers 189 countries that are ranked in 10 categories including starting a business, resolving insolvency and trading across borders.
As for Estonia, the report’s authors said that it made one substantial improvement by lowering court fees which makes enforcing contracts easier.
The report Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises assesses regulations affecting domestic firms in 189 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders.
The world's top five countries for doing business are Singapore, Hong Kong, New Zealand, the United States and Denmark.