Friday, October 26, 2012

World Bank: Singapore, Hong Kong and New Zealand still ‘easiest’, most business-friendly, Malaysia ranked 12th

Singapore, Hong Kong and New Zealand continue to be the easiest countries in the world to do business in, while local entrepreneurs in developing nations are finding it easier to do business than at any time in the last 10 years, according to the World Bank and IFC's latest Doing Business report. 
The improvement in the ease with which people are saying they are able to do business in the world’s developing countries highlights “the significant progress that has been made in improving business regulatory practices across the globe”, according to a summary of the 282-page report’s findings.

The study looks at 185 countries, and examines such indicators as how long it takes to start a business, and how difficult and time consuming it is to submit tax returns, export or import goods, obtain credit and register a property.

Year's 'most improved'


Topping the list of economies that registered the biggest improvements in the ease of doing business over the past year were Poland, Sri Lanka, Ukraine, Uzbekistan, Burundi, Costa Rica, Mongolia, Greece, Serbia, and Kazakhstan.

Australia moved up to 10th place from 15th, Malaysia to 12th from 18th, and Taiwan to 16th from 25th. (See chart, below.)

Also moving up were the UAE (to 26th from 33rd), Italy (to 73rd from 87th), and the Russian Federation (112th from 120th).

Decliners incuded Saudi Arabia (22nd from 12th), Israel (38th from 34th), Argentina (124th from 113th) and Kenya (121st from 109th).

The report, Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises, is the tenth in the World Bank/IFC’s Doing Business series.

Since the reports were first published, they have recorded “nearly 2,000 regulatory reforms implemented by 180 economies”, a summary of the findings notes, adding that such reforms have resulted in such improvements as a 20-day decline in the average time it takes to start a business since 2005 – to just 30 days, from 50.

And in low-income economies,  “the average [time required] has been reduced by half”.

All of the five countries at the bottom of this year's ranking are in Africa. In descending order, they are the Democratic Republic of the Congo, Eritrea, Republic of the Congo, Chad, and the Central African Republic. Mauritius, in 19th place, emerges as Africa's most competitive economy, while South Africa, in 39th place, was down four places from last year's report.

Officials in such countries might take some comfort in some data included in the report that shows how countries compare in certain areas of business activity, for it reveals that even some of the countries considered the "easiest" to do business in have weaknesses. Although Hong Kong ranks second-easiest overall, for example, it is the 60th easiest country in which to register a property; while the United Kingdom, in seventh place, is the 62nd easiest in which to obtain electricity, behind such countries as Estonia, Chile, Bahrain, Thailand, Malaysia and Brazil.

To view the report, click here.

Ease of doing business
rankings 2013
Country
Rank
2012 rank
Singapore
1
1
Hong Kong
2
2
New Zealand
3
3
United States
4
4
Denmark
5
5
Norway
6
6
United Kingdom
7
7
Korea, Rep.
8
8
Georgia
9
16
Australia
10
15
Finland
11
11
Malaysia
12
18
Sweden
13
14
Iceland
14
9
Ireland
15
10
Taiwan
16
25
Canada
17
13
Thailand
18
17
Mauritius
19
23
Germany
20
19
                  World Bank/IFC
Sources: International Adviser

1 comment:

  1. Malaysia is now aiming to be among the top 10 most business-friendly economies globally after coming in 12th in the World Bank ranking.

    ReplyDelete