Montenegro Drops in Forbes Business Ranking

The list assembled annually by the economic and financial magazine shows that Montenegro has fallen four places compared to 2013, although it is still ahead of a number of European Union member countries, such as Greece, which is in 51st place.

Forbes scanned 146 countries on factors that include stock market performance, property rights, taxes, technology and innovation. The list is based on the 11 different categories, among which are property rights, innovation, the tax regime, trade, monetary freedom and investor protection.

The US magazine ranks Slovenia at the top in regional terms, in 14th place. Macedonia is second in the Balkans, ranked in 31st place.

EU member Croatia is ranked just above Montenegro in 46th place, while EU members Romania and Bulgaria are below it, taking 41st and 42nd place respectively.

Bosnia and Herzegovina and Serbia are the worst ranked countries in the region, in 84th and 85th position. The list does not include Kosovo.

The top three countries on this year's Forbes list are Denmark, Hong Kong and New Zealand, followed by Ireland and Sweden.

The least business friendly countries on the planet, according to the magazine, are Libya, Chad and Guinea.