This year Latvia still lags behind its Baltic neighbors as Lithuania ranks 41st, down six notches from last year, and Estonia ranks 29th, up one position from last year.
Switzerland, the United States and Singapore top the ranking, while Yemen, Mozambique, Chad and Liberia remain on the bottom of the list.
The World Economic Forum on September 27 published the Global Competitiveness Report 2017-2018, an annual assessment of the factors driving productivity and prosperity in 138 countries.
The report also identifies Latvia's problem areas, with the country lagging significantly behind in 'business sophistication'.
The following obstacles to doing business in Latvia were identified in a WEF survey: government bureaucracy, tax rates, tax regulations, corruption and an uneducated workforce.
You can read Latvia's full profile on page 176 of the report HERE.