“Singapore will remain the best geographic region in the world to do business, as it has been for the past 16 years,” Priyanthi Roy, director of country forecasting and European market analyst at the Economist Intelligence Unit, told CNBC.

She added that the factors driving the Southeast Asian country’s position as a major business destination are its political stability and the government’s focus on helping local private sector companies develop technologically.

Behind Singapore are Denmark and the United States, which ranked second and third, respectively.

Denmark, with its “strong macroeconomic fundamentals” and high-quality transportation and digital infrastructure, positions itself as one of the most attractive business locations in the world, Roy said.

She added that market opportunities will remain favorable in the United States, especially with few restrictions on foreign trade and investment in the United States.

“Singapore, Denmark and the United States are expected to have the best business environments over the next five years,” the report showed.

Germany and Switzerland ranked fourth and fifth, while Canada, Sweden, New Zealand, Hong Kong and Finland make up the rest of the world’s top 10 places to do business.

“These are all advanced economies and long-standing strong performers in our index, so they tend to be safe bets for investments,” the report said, but warned that headline and per capita GDP growth rates are likely to remain stable and relatively slow.

Among the “countries that have achieved significant improvement” that scored well in the index are countries such as Greece, Qatar and India.

The report showed that Greece saw the largest improvement in the business climate in the EIU index due to reforms introduced by the pro-business government.

Argentine President Javier Miley’s promised free-market reforms, aimed at boosting private enterprise and attracting foreign investment, pushed the country’s sharp improvement in rankings to the second most improved business environment.

“India is the only single-country market that offers similar potential scale to China,” the report said, adding that the country’s youthful demographic profile bodes well for its workforce and future demand. India ranked third on the list of most improved business environments.