The World Bank has released its 2016 annual ease of doing business report and Belize has fallen four spots. The new list shows Belize dropping from 116 to 120 on the list.

Costa Rica, Jamaica and Mexico recorded the most reforms in Latin America and the Caribbean in the last five years.

Released yesterday, Doing Business 2016: Measuring Regulatory Quality and Efficiency finds that Costa Rica is the world's top improver, namely, an economy that implemented at least three reforms and moved up on the global rankings scale. For example, on Getting Electricity, the time for a Costa Rican entrepreneur to get connected to the electrical grid has decreased from 55 to 45 days.

Jamaica is also among the global top 10 improvers – that island nation implemented a regional high of four reforms. On Starting a Business, for instance, Jamaica decreased the time to incorporate a business from 15 to three days. And Mexico, the best ranked economy in the region, implemented two reforms in the areas of Getting Credit and Paying Taxes during the past year. Mexico is now ranked 38th.

The report notes that the region performs particularly poorly in the areas of Registering Property and Paying Taxes. For example, the average time it takes a local entrepreneur to prepare, file and pay taxes is 361 hours, compared to 177 hours in rich countries.