Lithuania has jumped seven places to 17th in the world in the Forbes Best Countries for Business rankings.
© DELFI / Karolina Pansevič

Countries are rated by Forbes under 11 criteria, including property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), and protection of investors.

The top five countries for doing business, as rated by Forbes, were Denmark (1st), New Zealand (2nd), Norway (3rd), Ireland (4th), and Sweden (5th).

Lithuania achieved its best result yet by climbing seven places up to 17th position. Forbes said that following the 2008-09 financial crisis, Lithuania has rebounded and become one of the fastest growing economies in the EU. Forbes said: "Lithuania’s ongoing recovery hinges on export growth, which is being hampered by economic slowdowns in the EU and Russia."

European states take up two-thirds of the places in the top 25, with Denmark ranked as the number one country for doing business. European countries achieved the best ratings in categories like trade and personal freedoms, innovation and the fight against corruption.

The US took only the 22nd place, which is four positions down on last year. It is the sixth consecutive year that the US has fallen down the rankings. Seven countries from the Asian-Pacific region got places among the 25 best countries.

Last place on the Forbes list was occupied by Chad – at 144th position.

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