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World Bank declares New Zealand as the best country to do business, dethroning Singapore from the position.
Doing Business’ report showed Singapore now sits on the second spot after topping the rank for 10 years.
New Zealand is not only one of the developed world’s fastest-growing economies. It also leads the worldwide business ranking due to its short and straightforward procedures in starting a business, including strong legal rights.
Brunei Darussalam, Indonesia, Kenya, Kazakhstan, and Belarus made large paces in business-friendly regulations. Macedonia now holds the number 10 spot from 92nd 10 years ago. China increased its rank by six places to 78th. Japan retained its 34th place. India remains on its 130th spot.
Finland was kicked out of top 10, and now holds the 13th spot. United States is now on eighth spot from seventh.
Countries in sub-Saharan Africa sustain their lowest average scores. Nonetheless, their score improvements are thrice faster than OECD high-income nations. Eritrea, South Sudan, Venezuela, and Libya are among poor performers. Somalia followed the said nations, but managed to be the newcomer in rankings.
Eleven indicators are used to finalize the rankings. The factors include ease of setting up a business, process of construction permits, credit generation, and electricity access. The ranking also considered gender factors for the first time.
In 2013, a report by an independent panel assigned by World Bank President, Jim Yong Kim, was released. The statement of the panel includes criticism on the rankings. According to them, the Washington-based development lender’s list should not serve as development basis.
World Bank Chief Economist, Paul Romer, stated regulations set by the government also play important role in determining economies’ performance and sustenance tendency.