Economy regains momentum, moves 6 places in latest World Bank report

A general view shows the central business district Nairobi

"Prime Minister Narendra Modi Narendra Modi, in the initial years of the government, had said we will rank among the top 50 in Ease of Doing Business rankings".

Business ReporterZimbabwe has improved its global ease of doing business ranking to 155 up from a ranking of 159 for the comparative prior year, the latest World Bank Doing Business 2019 Report has revealed.

The World Bank's senior economist Arvind Jain said an acceleration in reforms had helped Malaysia advance its position to be among the top 20 ranked economies globally.

India, it said, made starting a business easier by integrating multiple application forms into a general incorporation form.

India jumped 23 ranks in the World Bank's Ease of Doing Business Index 2018 to 77. India has scored on easing the system of acquiring construction permits, getting electricity, protecting minority investors and trading across borders. The rankings of countries in the report indicate competitiveness as well as highlights the areas where reforms are immediately needed to improve business climate in the country.

The World Bank said there was improvement in the construction sector's risk management practices. Brazil made the most improvements, with four reforms.The bulk of the reforms in the region were aimed at improving the legal rights of borrowers and lenders with respect to secured transactions, and the process of starting a business.

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New Zealand is ranked the first position followed by Singapore and Denmark while Somalia emerged the worst followed by Eriteria and Venezuela.

This year, Doing Business collected data on training provided to public officials and users of business and land registries.

Although the DB 2019 report records a downtick from the previous year's ranking of 145, the country overall gained 1.37 points in its Distance-To-Frontier (DTF) scores, which assess the absolute level of regulatory performance over an one year time period.

On the back of the sustained efforts of the Presidential Enabling Business Environment Council (PEBEC), the report also acknowledged that Nigeria implemented four reforms, her second highest number of reforms since the beginning of the Doing Business Index.

Several improvements have also been made in the area of registering property.

China is the only economy from East Asia and the Pacific among the ranking's top 10 climbers. The report notes that India has supported its ambitious reform agenda by providing regular training to both customs officials and private sector agents, as well as by establishing Customs Clearance Facilitation Committees which bring together actors involved in global trade at regular meetings. Five reforms were carried out in Mauritius during the past year, including the elimination of a sole gender-based barrier. "As a highly respected institution, the World Bank has a responsibility to ensure that an economy is not unduly disadvantaged and that its report reflect the realities on the ground", the statement added.

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