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Ireland loses top spot

Ireland has lost the top spot and fallen to fourth in Forbes' rankings of the best countries in the world in which to do business.

The US business magazine ranked this country first in its 2013 rankings but this year that honour goes to Denmark. Despite having almost a quarter of the world's GDP, the United States fell four spots in the rankings to 18th overall.

The US lags behind many other developed nations when it comes to its business climate, and the gap is growing, Forbes said.