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A World Bank survey conducted by Doing Business has ranked Israel 29th among 155 countries for business friendliness, according to data published this week.

New Zealand came in first as the easiest country with which to do business, followed by Singapore, the U.S. and Canada. Doing Business based its research on American standards defining business friendliness - the ease of being able to establish a business and operate it.

The company looked at several criteria: the number of work days it takes to receive a license to open a business; the ease of hiring or firing workers; investors ability to get their money back in a bankruptcy; and the ability to enforce contracts through courts. South Africa preceded Israel on the list, and Spain followed. The Democratic Republic of Congo, formerly known as Zaire, came in last.