Source: Wall Street Journal, World Bank

Mongolia ranked 73rd on the World Banks' Doing Business,” falling 13 places behind from last year. The report cited difficulties in the access to electricity, starting a business and dealing with a construction permit.

The rankings are relative to the rest of the world. It is good news that policy makers in 163 countries have made domestic regulations more business-friendly in the past six years, with the outliers being the likes of Venezuela and Zimbabwe. However, that makes to all the more imperative to compete in a global economy that is not sitting still.