Solf said many countries are only beginning to consider the kinds of major reforms of bankruptcy and court laws that have been spurred by similar regional downturns in the past, like the 1997 Asian financial crisis.

'It's too soon to see whether these kinds of reforms will happen or not,' Solf said. 'We see some signs, but it will be interesting to see whether this crisis is really gonna trigger something similar as (1997) did in Asia.'

Singapore was rated the best country to do business for the fourth year in a row, followed by New Zealand, Hong Kong, the US and Britain.

The World Bank report rates how easy it is for businesses to operate in countries. It did not look at the kind of financial-sector reforms that have dominated global talks since the collapse of investment bank Lehman Brothers last year.

Yet some of the most significant business reforms occurred in regions that have been hardest hit by the current crisis. Eastern Europe and Central Asia have led the charge as many of their banks and businesses have been pushed into bankruptcy by the financial turmoil, the World Bank found.

Other countries that have adopted significant reforms over the year included Egypt, Colombia, the United Arab Emirates, Rwanda and Belarus.