Singapore best destination for doing business
Singapore is followed by New Zealand, Denmark, Korea Republic and Hong Kong, with United Kingdom and United States coming closely in that order.
The world’s top 10 economies that implemented at least three reforms during the past year and moved up the rankings scale included Costa Rica, Uganda, Kenya, Cyprus, Mauritania, Uzbekistan, Kazakhstan, Jamaica, Senegal, and Benin.
In the report, the World Bank said developing economies quickened the pace of their business reforms in the last one year to facilitate easier start up and business operation for local investors.
The bulk of the new reforms, the bank said, were aimed at improving the efficiency of regulations, by reducing their cost and complexity, with the largest number of improvements made in the area of starting a business, measured by how long it takes to obtain a permit and its associated processing costs.
World Bank chief economist and senior vice president, Kaushik Basu, said although modern economies cannot function without regulation, businesses cannot be brought to a standstill through poor and cumbersome regulation.
“The challenge of development is to tread this narrow path by identifying regulations that are good and necessary, and shunning ones that thwart creativity and hamper the functioning of small and medium enterprises,” the report said.
In Africa, the best business destinations are Mauritius, ranked at 32nd, Rwanda at 62nd position, Botswana and South Africa at 72nd and 73rd ranking respectively.
Ghana emerged tops from the West African sun-region on 114th position.
Nigeria remains one of the poorest business destinations in the world, improving marginally by just one step from its ranking last year. ■