South Korea moved up to fourth place in this year's business environment survey, thanks to high scores in legal settlements and electricity supply, a report by the World Bank showed Tuesday.

According to the organization's "Doing Business 2018" report, which is based on an annual survey, the country's ranking represents a one-notch gain from its standing a year earlier.

For this year, the World Bank analyzed 190 countries' business environments by breaking them down into 10 broad categories in accordance with the business life cycle from start to closure.

The report checked legal and administrative rules and practices, as well as feedback from experts and businessmen in related fields, and is designed to provide best practice benchmarks for developing countries.

In terms of legal settlements, South Korea placed first for the second straight year, outperforming the other 189 countries in the world, while it was runner up in terms of electricity supply.