Macedonia ranks 12th out of 189 economies in the world, according to the World Bank Doing Business 2016 report, local media reported Wednesday.
The report showed Macedonia is one of the best ranked economies in its income category.
Macedonia ranked second in the world in the "starting a business" indicator, surpassed only by New Zealand. In the previous report, Macedonia was ranked 30th in this category.
"Some economies manage to achieve the best of both worlds, designing and implementing a construction permitting system that is both efficient and good quality. One of them is Macedonia," the report read.
"Its administrative procedures for dealing with construction permits are very efficient, completing the formalities to build a warehouse taking only 74 days. The country also has a robust quality control and safety mechanisms, earning it 14 of 15 possible points on the building quality control index," it added.
The report highly evaluated the changes made to local labor laws, judicial reforms and taxpaying.
Areas where Macedonia ranked poorly were "getting credit" and "getting electricity," where the country ranked 42nd and 45th overall, as well as in the area of registering property, that ranked the country in the 50th position in the world.
Doing Business 2016 -- a World Bank Group publication -- measures regulations regarding 11 areas of business.
