Nigeria Drops On Ease Of Doing Business Ranking

01 November, 2018, 15:32 | Author: Shannon Aguilar
  • India is now at 77 on the World Bank’s ease of doing business climbing 23 places

The World Bank's Doing Business 2019 report, themed: "Training for Reform" and released on Wednesday evening, placed the Philippines at 124 out of the 190 economies tracked, down 11 places from 113 past year.

The report measures progress of economic reforms in only two cities including Delhi and Mumbai.

"The government's goal to create a business environment that increases Ghana's global competitiveness will require challenging the status quo, through enhanced transparency and coordination in providing Government to Business Services, thus enabling the private sector to make investment decisions".

The report highlighted that the "government's reform effort focused on improving the electronic processing of documents and providing more information on specific regulations" as state institutions - including municipalities, Justice Ministry and courts - began publishing information relevant to opening a business.

Secretary of the Department of Industrial Policy and Promotion (DIPP) said that India has been recognised among top 10 improvers for the 2nd consecutive year. India scored 137 in the starting a business category, 52 in dealing with construction permits, 24 in securing access to electricity, 166 in registering property, 22 in getting credit and 7 in protecting minority investors. Since the launch of DB report in 2002, it is the first time that Pakistan has jumped 11 points in one year.

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Another area where the country made positive strides is that of starting a business. "The World Bank looks forward to continuing our support to help the country succeed in adopting global best practices, especially in areas where there is room for improvement", said Mara Warwick, country director for Thailand, Brunei, Malaysia and Philippines. "Under its National Trade Facilitation Action Plan 2017-2020, India implemented several initiatives that improved the efficiency of cross-border trade, reducing border and documentary compliance time". Singapore, Denmark, and Hong Kong followed.

Since its inception in 2003, more than 3,500 business reforms have been carried out in 186 of the 190 economies Doing Business monitors.

In the last two or three years, "all the large emerging markets - such as China, India, Nigeria, South Africa, Indonesia, Russia - have taken on this agenda", according to Sylvia Solf, head of the World Bank Group's Reform Advisory Unit.

- Afghanistan, with 5 reforms, moved up 16 spots to 167th place in the global rankings.

According to the "Doing Business 2019 - Training for Reforms" report, last year's reforms accelerated Turkey's efforts to improve the business climate for domestic small and medium enterprises (SMEs). "On the measure of absolute progress towards best practice, Pakistan improved score to 55.31, from 52.78 previous year", it said in a statement. "As a highly respected institution, the World Bank has a responsibility to ensure that an economy is not unduly disadvantaged and that its report reflect the realities on the ground", the statement added.

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