Singapore ranked as the best country to do business for a ninth consecutive year
According to an annual report recently published by the World Bank, Singapore gets the first position on this prestigious rank. This is the ninth consecutive year in which the Asian country has been considered as the world’s best place for doing business.
After Singapore, New Zealand came second and Hong Kong third in the rank. This report elaborated by the World Bank, analyses 189 nations by the ease in which firms can operate there.
In comparison with last year’s rank, UK moved up one position to eighth while the US stayed at the seventh position.
In the opposite side, Eritrea was at the bottom of the table, along with Libya, the Central African Republic and South Sudan.
Metrics such as the time taken to launch and close a business, gain construction permits and pay taxes in a country’s largest business city are used by the World Bank to elaborate this ranking.
The report shows clearly the list remains very similar to last years as well as economies placed in the top 20 continue improving their business regulatory environment.
Among the most improved areas we can find Sub-Saharan African countries. However, many of them continue occupying the bottom of the ranking. Regarding this the World Bank adds that 39 African nations had “reduced the complexity and cost of regulatory processes” while 36 had strengthened legal institutions.
In conclusion, the report found it is easier to do business globally in both developed and emerging economies as they adopt and develop better practices and regulatory reforms that facilitate businesses.
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