Poland improved business climate most: World Bank
Countries in CEE, as well as Greece, did the most to improve their business climates over the past year, a World Bank report shows
Poland improved the most in the Doing Business measures over the past year, jumping 19 places to 55th place, while Singapore held on to its top spot as the country where it is easiest to do business, according to the findings of the report.
Four reforms making it easier to register property, pay taxes, enforce contracts and resolve insolvency were behind Polands impressive surge in the rankings, the bank said.
Eastern Europe and Central Asia again had the largest share of economies implementing regulatory regulation reforms, with 88% of the economies in the area reformed in at least one of the fields measured by the Doing Business report.
Ukraine surged 15 places in the rankings, Mongolia advanced 12 places, Kazakhstan increased by seven places and Russia by six places, Charles Robertson, global chief economist at Renaissance Capital, noted. However, not all CEE countries improved, with Hungary down five places and Bulgaria falling two, while Romania stagnated.
The next group of improvers included countries that were forced by the crisis to reform.
European economies in fiscal distress are working to improve the business climate and this is beginning to be reflected in the indicators, the World Bank said, noting that Greece, which jumped 11 places, was one of the most improved in terms of business regulation at a global level over the past year.
Part of the solution to high debt is the recovery of economic growth, and there is broad recognition that creating a friendlier environment for entrepreneurs is central to this goal, the bank said.
Latin American countries fell in the rankings. Brazil was down two places, Argentina lost eight places, Chile fell four ranks, Colombia and Venezuela lost one, while Peru stagnated.
In Asia, China maintained its 91 place, India also stagnated at 132 while Pakistan fell three places and Bangladesh five. Malaysia climbed two places to rank 12th, Indonesia also climbed two places, the Philippines lost two places and Thailand lost one.The World Banks Doing Business report, which was first published in 2003 with five sets of indicators measuring business regulation in 133 economies, currently covers 11 sets of indicators in 185 economies.