| World Bank report finds world business environment improved |
| Date: 2010/11/5 Click: 1845 |
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In the past year, governments in 117 economies carried out 216 regulatory reforms aimed at making it easier to do business, and developing economies are increasingly active, according to a report released by the World Bank on Wednesday.
"Globally, doing business remains easiest in the high-income economies of the Organization for Economic Co-Operation and Development and most difficult in Sub-Saharan Africa and South Asia," said the World Bank in its report entitled Doing Business 2011: Making a Difference for Entrepreneurs, the eighth in a series of annual reports published by International Financial Corporation (IFC) and the World Bank.
The report ranks 183 economies on key aspects of business regulation for domestic firms.
It noted that "developing economies are increasingly active. In the past year, 66 percent reformed business regulation, up from 34 percent six years earlier."
Doing Business 2011 pioneers a new measure showing how much business regulation has changed in 174 economies since 2005. China and India are among the top 40 most-improved economies. Among the top 30 most-improved economies, a third are from Sub-Saharan Africa.
Worldwide, more than half the regulatory changes recorded in the past year eased business start-up, trade, and the payment of taxes. Many of the improvements involve new technologies. "New technology underpins regulatory best practice around the world," said Janamitra Devan, Vice President for Financial and Private Sector Development for the World Bank Group. "Technology makes compliance easier, less costly, and more transparent."
Singapore leads in the ease of doing business for the fifth consecutive year. It was followed by China's Hong Kong SAR, New Zealand, the United Kingdom, and the United States. Among the top 25 economies, 18 made things even easier over the past year.
"Governments worldwide have been consistently taking steps to empower local entrepreneurs," said Neil Gregory, Acting Director, Global Indicators and Analysis, World Bank Group. "The economies most affected by the financial crisis-especially in Eastern Europe-have been targeting regulatory reforms over the past year to make it easier for small and medium-size enterprises to recover and to create jobs."
Doing Business analyzes regulations that apply to an economy' s businesses during their life cycle, including start-up and operations, trading across borders, paying taxes, and closing a business. Doing Business does not measure all aspects of the business environment that matters to firms and investors. |
