Singapore has once again managed to retain its EIU ranking as the world's best place to do business.
According to the BBC, the Economist Intelligence Unit (EIU) ranked Singapore as number one out of 82 countries for its "efficient and open economy".
The country has maintained its position for seven years straight.
Meanwhile, other countries that were ranked among top five included Switzerland, Australia, Hong Kong and Sweden respectively.
The report said that last month Singapore had topped the World Bank's ease of doing business report, which looked at 189 countries.
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