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Turkey top improver for first time in Doing Business report

02 November, 2018, 18:02 | Author: Kristi Dunn
  • India Jumps 23 Places on World Bank’s ‘Ease of Doing Business’ Rankings

For three years in a row, New Zealand topped the worldwide financial body's Doing Business Report, released on Wednesday, followed by Singapore and Denmark. And, Mauritius regained a spot in the world's top ranked economies, in 20th place.

"[Any remaining] challenges will add to the government's determination to introduce significant improvements into services and legislation", he added.

On the methodology adopted, the report said the indicators presented and analysed in Doing Business measure business regulation, the quality and strength of legal frameworks, the protection of property rights-and their effect on businesses, especially small and medium-sized domestic firms.

All four economies improved in the area of getting electricity and passed reforms simplifying the process of trading across borders, it said.

Meanwhile, China's score increased by 8.64 points compared with a year ago, and it is one of the economies with the greatest improvement in the business environment.

"Malaysia carried out six business reforms the past year".

Kenya has gone up 19 places to 61 in World Bank ease of doing business 2019. With Djibouti, which makes it to this list for the second consecutive year, Africa occupies half of the top 10 most improved economies list.

"We are incentivising those who are doing honest business", Ramesh Abhishek, an official in the industries department of Modi's government, told a news conference on Wednesday.

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Brought out by the Washington DC based World Bank, the Ease of Doing Business Index measures the levels of business regulation in 190 economies, covering nearly the entire globe.

During the first half of 2018, they said, China introduced reform measures to streamline its construction permitting process by implementing unified platforms for all building review processes in Beijing and Shanghai.

"This year, Pakistan advances 11 places to 136th place on the ease of doing business global ranking".

Buoyed by the improvement, Finance Minister Arun Jaitley said the country can break into the top 50 if it made it easier to start a business and improved on contract enforcement.

While reforms in the region covered all areas of Doing Business, many improvements focused on easing construction permitting and cross border trade. The reforms resulted in reducing the time needed to register a property by 13 days.

Also, "India made paying taxes easier by replacing many indirect taxes with a single indirect tax, the GST, for the entire country".

"This correction should be done soon as the Report could unduly compromise the Philippines' standing among the investment community and negatively impact the country's development, considering that this document is widely used as a reference by investors and survey organizations", the joint statement said.

The report compared the time taken to get an electricity connection in Delhi - 31 days - to the average time taken in entire South Asia - 98.3 days.

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