World Bank reveals the world's most improved economies by 2017

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World Bank reveals the world's most improved economies by 2017

For the first time, the list of the top 10 economies implementing reforms worldwide includes economies of all levels of income and sizes, El Salvador, India, Malawi, Nigeria, Thailand

 

 05 Nov 2017 11:07 PM

From: Fahad Omran

A report by the World Bank on Doing Business 2018 shows that governments in 119 economies applied 264 reforms to improve the business environment last year to create jobs and jobs, attract investment and increase their competitiveness.

Since the launch of the Business Reporting Series in 2003, the global regulatory environment for business has changed radically, and governments around the world have embraced and strengthened advances in information technology to reduce bureaucratic obstacles and increase transparency.

Today, 65 of the 190 economies covered by the Doing Business report are able to complete at least one of the companies' online procedures, compared with nine of the 145 economies surveyed in 2004.

In 32 countries around the world, it was now possible to initiate a settlement of an online trade dispute.

On its 15th anniversary, the report pointed out that 3,188 reforms have been implemented in the business environment since the monitoring of the ease of doing business for small and medium local businesses around the world has begun.

Developing countries' share of reforms

This year, developing countries carried out 206 reforms, accounting for 78% of total reforms. Sub-Saharan Africa carried out 83 reforms, a record for the second year in a row. South Asia also carried out 20 reforms, which is also a record.

The World Bank report revealed that a large number of reforms focused on improving access to credit and registration of new companies, each with 38 reforms, as well as cross-border trade facilitation, which recorded 33 reforms.

In its annual ranking of economies on the basis of ease of doing business, New Zealand, Singapore and Denmark maintained their first, second and third positions respectively, followed by the Republic of Korea, the Hong Kong Special Administrative Region, the United States, the United Kingdom, Norway, Georgia and Sweden.

The world's 10 most improving economies this year

Thailand, Malawi, Kosovo, India, Uzbekistan, Zambia, Nigeria, Djibouti and El Salvador are among the top 10 economies in the world this year on the basis of reforms implemented.

For the first time, the list of the 10 most reform-oriented economies in the world includes economies of all levels of income and sizes, half of which join the list for the first time - El Salvador, India, Malawi, Nigeria and Thailand, the World Bank said in a statement on its website.

The following map shows the most prominent countries and the number of reforms applied: