Singapore Is Still The Best Place for Doing Business
Singapore retained its spot as the best place for doing business in the world, according to World Bank. Already on its ten-year streak, the city-state continued to hold the title as the economy with the most business-friendly regulations and has the highest index score on the quality of judicial processes.
New Zealand held down its second spot. Denmark and Korea both went up a notch on the list ranking third and fourth respectively. Hong Kong dropped two spots to fifth this year followed by United Kingdom, United States, Sweden, Norway, and Finland still at the tenth place.
Thirteen years since its inception, World Bank’s Ease of Doing Business Report has been providing quantitative data that reflects the health of economies based on specific macroeconomic parameters and key indicators involved in starting and operating a business. This year, the report looked at 189 economies across the globe and focused on the quality of regulatory framework required to accomplish transactions including property registration, contract enforcement, trade across the border, and dealing with construction permits.
Results reflected that fewer regulations do not necessarily translate to higher regulatory quality. Rather, economies with rules that make way for “efficient and transparent functioning of businesses and markets” have generated a better overall ranking.
India is the most improved country in Southeast Asia, with its global ranking jumping 10 places to 130th this year. This was a result of changes implemented by its government such as lower registration fees and costs for obtaining electric connection in Mumbai, its capital city.
Kaushik Basu, Senior Vice President of The World Bank says that data for the past years showed “encouraging signs of convergence toward best practices.” Developing economies have greatly improved over the years compared to their high-income counterparts when the first Doing Business report was published in 2013.
Sitting at the bottom of the ranking are Central African Republic, Venezuela, South Sudan, Libya and Eritrea.