Post by ilirdardani on Sept 11, 2008 21:00:35 GMT -5
World Bank: Albania among top business reformers
For the fifth year in a row, Eastern Europe and Central Asia led the world in making pro-business reforms, the World Bank said in a new study Wednesday (September 10th).
Azerbaijan, Albania, Kyrgyzstan, Belarus, Senegal, Burkina Faso, Botswana, Colombia, the Dominican Republic and Egypt were the top ten reformers, according to the sixth annual Doing Business report by the International Finance Corporation (IFC) and the Bank.
Eastern Europe and Central Asia accounted for over 25% of the record 239 reforms to business regulation implemented worldwide in the 12 months to June this year, its authors said. They ranked 181 economies on the basis of ten indicators.
"Economies need rules that are efficient, easy to use, and accessible to all who have to use them," Michael Klein, Bank/IFC Vice President for Financial and Private Sector Development, said. "Otherwise, businesses are trapped in the unregulated, informal economy."
Singapore led the global rankings on the overall regulatory ease of doing business for a third year in a row. New Zealand, the United States, Hong Kong and Denmark rounded out the top five.
According to the Bank, Albania -- the second top reformer this year -- implemented reforms in four of the ten areas studied by the report. "These made it easier to start a business, eased tax burdens, and strengthened investor protections and credit information," the Bank noted. This allowed the country to rise from its 135th position in last year's survey of 178 economies to 86th in the new global rankings.
Greece moved ten places up the global scale to take the 96th position in this year's ranking. The most notable progress it made was in the areas of paying taxes, starting a business, protecting investors and employing workers.
The regulatory reforms Macedonia implemented to enhance business operations also improved its overall rankings. It now stands 71st, up from 79th last year. It recorded its biggest progress in trading across borders, aiding business start-ups, enforcing contracts, facilitating credit, registering property and collecting taxes. But efforts to strengthen investor protections appear to have slowed.
Turkey and Croatia moved up one place each to stand 59th and 106th in this year's rankings, respectively.
Romania is 47th again this year, just two spots behind neighbouring Bulgaria, which again ranks highest among the countries in the region.
Bosnia and Herzegovina (BiH), Montenegro and Serbia have emerged as the region's worst performers during the period under review. Montenegro ranked 90th, down from 84th last year. Serbia slid three spots to 94th, while BiH ranks two places lower this year. At 119th place, it is the lowest-ranked country in the region.
For the fifth year in a row, Eastern Europe and Central Asia led the world in making pro-business reforms, the World Bank said in a new study Wednesday (September 10th).
Azerbaijan, Albania, Kyrgyzstan, Belarus, Senegal, Burkina Faso, Botswana, Colombia, the Dominican Republic and Egypt were the top ten reformers, according to the sixth annual Doing Business report by the International Finance Corporation (IFC) and the Bank.
Eastern Europe and Central Asia accounted for over 25% of the record 239 reforms to business regulation implemented worldwide in the 12 months to June this year, its authors said. They ranked 181 economies on the basis of ten indicators.
"Economies need rules that are efficient, easy to use, and accessible to all who have to use them," Michael Klein, Bank/IFC Vice President for Financial and Private Sector Development, said. "Otherwise, businesses are trapped in the unregulated, informal economy."
Singapore led the global rankings on the overall regulatory ease of doing business for a third year in a row. New Zealand, the United States, Hong Kong and Denmark rounded out the top five.
According to the Bank, Albania -- the second top reformer this year -- implemented reforms in four of the ten areas studied by the report. "These made it easier to start a business, eased tax burdens, and strengthened investor protections and credit information," the Bank noted. This allowed the country to rise from its 135th position in last year's survey of 178 economies to 86th in the new global rankings.
Greece moved ten places up the global scale to take the 96th position in this year's ranking. The most notable progress it made was in the areas of paying taxes, starting a business, protecting investors and employing workers.
The regulatory reforms Macedonia implemented to enhance business operations also improved its overall rankings. It now stands 71st, up from 79th last year. It recorded its biggest progress in trading across borders, aiding business start-ups, enforcing contracts, facilitating credit, registering property and collecting taxes. But efforts to strengthen investor protections appear to have slowed.
Turkey and Croatia moved up one place each to stand 59th and 106th in this year's rankings, respectively.
Romania is 47th again this year, just two spots behind neighbouring Bulgaria, which again ranks highest among the countries in the region.
Bosnia and Herzegovina (BiH), Montenegro and Serbia have emerged as the region's worst performers during the period under review. Montenegro ranked 90th, down from 84th last year. Serbia slid three spots to 94th, while BiH ranks two places lower this year. At 119th place, it is the lowest-ranked country in the region.