Mexico, Colombia and Costa Rica are stars of Doing Business

The business environment in Latin America has made progress in the battle with red tape over the last 15 years, according to the World Bank's Doing Business annual report.

Mexico fell from number 49 to 54 in the world but retains leadership in Latin America. It was followed by Chile (56), Colombia (65), Costa Rica (67) and Peru (68). Other Latin American countries that were rated included Panama (79), El Salvador (84) and Guatemala (89), Efe reports in Spanish.