A new report has ranked South Korea eighth among 50 countries in terms of business environment.

Global consulting firm, Grant Thornton International, commissioned the Economist Intelligence Unit (EIU) to study 50 economies on 22 indicators of dynamism across five categories and produced the Grant Thornton Global Dynamism Index (GDI). The five categories are business operating environment, economics and growth, science and technology, labor and human capital and the financing environment.

Singapore ranked first in terms of GDI followed by Finland, Sweden, Israel, Austria, Australia, Switzerland, South Korea, Germany and the United States.

The report said “the structure of business in Korea is unusual in that the top ten businesses have around 55 percent of market capitalization.”