"It was wrong to compile the rankings in this way, and wrong to publish them," Duquesne said for Emerging Markets, a magazine analysing finances in developing countries which is part of the Euromoney Institutional Investors group.
The controversial index is based on "Doing Business 2006", the third annual report compiled by the World Bank and its International Finance Corporation.
The report is based on indicators such as the time necessary to start a new company, obtain various permits, hire and fire workers, register property and obtain loans. The report also considers investor protection, taxes, cross-border trade, the enforcing of contracts, and conditions to close down a business.
However, the report does not include macroeconomic factors, crime, corruption, and the relative size of markets.
For example, in terms of creditors' rights the report ranks Nigeria above France.
Croatia was given the worst ranking among the countries of East Europe in terms of ease of doing business, coming 118th among the 155 countries ranked.
Some World Bank leaders had to talk to political leaders who complained about the rankings.
According to Emerging Markets, Croatian Finance Minister Ivan Suker formally expressed "surprise and disappointment".
World Bank Vice President for Europe and Central Asia Shigeo Katsu admitted that the rankings, while providing "a useful snapshot of performance", had "serious limitations".
French and Croatian politicians are not the only ones who complained, the magazine said. Another one who complained was Economy Minister German Gref of Russia, which was ranked 79th, below Mongolia (61st), Columbia (66th) and Uganda (72nd). Questions were also asked by Greece, which was ranked 80th.