Business 2012: The
annual report produced by the World Bank and its private sector unit, the
International Finance Corporation (IFC), released today finds that economies
continued to implement reforms that enhance local firms’ ability to do business,
with transparency and access to information playing a key role in the reforms.
leads on overall ease of doing business followed by Hong Kong , New Zealand, US
and Denmark. Ireland gets 10th rank.
Greece gets a 100
rank and in the 'Enforcing Contracts' category, Ireland gets a 62nd rank with
the period required at 650 days.
Doing Business 2012:
Doing Business in a More Transparent World assesses regulations
affecting domestic firms in 183 economies and ranks the economies in 10 areas of
business regulation, such as starting a business, resolving insolvency and
trading across borders. This year’s report data cover regulations measured from
June 2010 through May 2011. The report rankings on ease of doing business have
expanded to include indicators on getting electricity. The report finds that
getting an electrical connection is most efficient in Iceland; Germany; Taiwan,
Hong Kong and Singapore.
report shows that governments in 125 economies out of 183 measured implemented a
total of 245 business regulatory reforms—13 percent more reforms than in the
previous year. In Sub-Saharan Africa, a record 36 out of 46 economies improved
business regulations this year. Over the past six years, 163 economies have made
their regulatory environment more business-friendly. China, India, and the
Russian Federation are among the 30 economies that improved the most over time.
Singapore led on the overall ease of doing business, followed by Hong Kong SAR,
China; New Zealand; the United States; and Denmark. The Republic of Korea was a
new entrant to the top 10. The 12 economies that have improved the ease of
doing business the most across several areas of regulation as measured by the
report are Morocco, Moldova, the former Yugoslav Republic of Macedonia, São Tomé
and Príncipe, Latvia, Cape Verde, Sierra Leone, Burundi, the Solomon Islands,
the Republic of Korea, Armenia, and Colombia. Two-thirds are low- or
“At a time
when persistent unemployment and the need for job creation are in the headlines,
governments around the world continue to seek ways to improve the regulatory
climate for domestic business. Small and medium businesses that benefit most
from these improvements are the key engines for job creation in many parts of
the world,” said Augusto Lopez-Claros, director, Global Indicators and
Analysis, World Bank Group.
backdrop of the global financial and economic crisis, more economies
strengthened their insolvency regimes in 2010-11 than in any previous year.
Twenty-nine economies implemented insolvency reforms, up from 16 the previous
year and 18 the year before. Most were in Eastern Europe and Central Asia, or
were high-income economies that are part of the Organisation for Economic
Co-operation and Development (OECD). In low- and lower-middle-income economies,
more than 40 percent of regulatory reforms measured by the report improved
institutions such as courts, credit bureaus, and insolvency regimes.
New data show
that improving access to information on business regulations can aid
entrepreneurs. Fee schedules and documentation requirements are most easily
accessible in OECD economies and least accessible in Sub-Saharan Africa and the
Middle East and North Africa. However, e-government initiatives are on the rise.
“More than 100 economies use electronic systems for services ranging from
business registration to customs clearance to court filings,” said Sylvia
Solf, lead author of the report. “This saves time and money for business and
government alike. It also provides new opportunities for increasing