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'Record reforms introduced worldwide to improve business climate'

IANS Washington DC
Updated: 01-11-2018 02:50 IST
Governments around the world implemented a record 314 business reforms in "bureaucracy busting efforts" over the past year, the World Bank Group said in a report on Wednesday.

Afghanistan, Djibouti, China, Azerbaijan, and India are among the top 10 improvers of business climate in this year's assessment, thanks to their efforts in reforms, said the report titled "Doing Business 2019: Training for Reform", reports Xinhua news agency.

China moved up more than 30 places to the 46th position in the global rankings, as the country undertook the largest number of reforms in the East Asia and Pacific region, the report said.

The 314 reforms, carried out in 128 economies between June 2017 and May 2018, exceeded the previous all-time high of 290 reforms two years ago. These reforms have benefited small and medium enterprises as well as entrepreneurs, created jobs and stimulated private investment, it added.

"Fair, efficient, and transparent rules, which Doing Business promotes, are the bedrock of a vibrant economy and entrepreneurship environment," said World Bank Group President Jim Yong Kim.

"It's critical for governments to accelerate efforts to create the conditions for private enterprise to thrive and communities to prosper."

A case study in the report found that mandatory and annual training for relevant officials is associated with more efficient business and land registries, indicating the need to complement the reform agendas with training programmes.

In the World Bank's annual ease of doing business rankings, New Zealand, Singapore and Denmark retained the top three spots for a second consecutive year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)