World Bank “easier of doing business” ranking
Get an in-depth look at the World Bank's easier of doing business rankings, which are based on a set of standardized indicators that track the progress of countries in reforming their business regulations.
by Vinicius Barbosa
Find out which countries are best for doing business: the 10 best environments
The World Bank easier of doing business rankings are based on a set of standardized indicators that track countries’ progress in reforming their business regulations.
The indicators cover ten areas of business regulation. Including starting a business, dealing with construction permits, getting electricity, registering property, and trading across borders.
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Countries are ranked on a scale from 1 to 190, with higher scores indicating a more conducive environment for Doing Business. The Bank began producing the rankings in 2003.
The bank easier of doing business rankings have been widely used by policy-makers, businesses, and researchers as a benchmark for reform.
The Bank has also published detailed reports on each indicator’s best and worst-performing countries.
With that, the easier of doing business rankings are one of the Bank’s most widely-cited products, and they play an important role in shaping the Bank’s development agenda.
The World Bank’s Easier of Doing Business Rankings
The World Bank easier of doing business ranking provide valuable insights into the regulatory environment in different countries and can be used by businesses to make informed decisions about where to invest.
Here are the top 10 countries on that list. The rankings are based on data from May 1, 2019. Also, they are based on the average of each economy’s score for the 10 topics.
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1. New Zealand
New Zealand is number 1 among 190 economies in the ease of doing business.
The country has held the top spot for the past 10 years. New Zealand performs particularly well in the areas of getting credit and protecting minority investors.
Also, the country ranks highly for paying taxes and enforcing contracts. As a result of its strong business environment, New Zealand is an attractive destination for foreign investment.
According to the World Bank’s annual report, Singapore is number 2 among 190 economies in the ease of doing business. Singapore consistently ranks near the top.
For example, it takes an average of just 3 days to start a business in Singapore, compared to the global average of 32 days.
This is due to the government’s pro-business policies and commitment to streamlining processes and reducing red tape.
3. Hong Kong
The city ranks third out of 190 economies, up one place from last year. Hong Kong scored particularly well in the area of Getting Credit, where it ranks first.
The report notes that “Hong Kong has an efficient credit information system and a sound legal framework for insolvency proceedings.”
Denmark consistently ranks as one of the easiest places in the world to do business, according to the World Bank. In the 2020 ease of doing business report, Denmark is 4th out of 190 economies.
This is due to a number of factors. Such as including a favorable tax regime, a highly skilled workforce, and a well-developed infrastructure.
Additionally, Denmark ranks highly in the area of property rights, making it easier for businesses to obtain the licenses and permits they need to operate.
5. South Korea
The country moved up one spot from last year, thanks to improvements in a number of indicators, including access to credit and cross-border trade.
South Korea’s strong showing is a testament to the government’s commitment to making it easier for businesses to operate here.
In recent years, the government has streamlined the process for starting a business and made it easier to obtain construction permits.
It has also worked to improve access to credit at the bank, making it easier to provide loans to small business.
6. United States
It’s no secret that the United States is a great place to do business. In fact, the U.S. is ranked 6 out of 190 economies, and ranked as one of the World Bank easiest of doing business places in the world.
There are a number of reasons why the United States is such a business-friendly country. For one, the U.S. has a relatively stable political and economic environment.
Additionally, the U.S. has a well-developed infrastructure and a skilled workforce. Finally, the U.S. has strong legal protections for businesses and property rights.
The country ranks high in several indicators, including starting a business, dealing with construction permits, and getting electricity.
Georgia also ranks well in Trading Across Borders and Protecting Minority Investors.
Georgia’s high ranking at World Bank easier of doing business is due partly to the government’s commitment to reform and its efforts to streamline regulatory procedures.
8. United Kingdom
The Bank says that the United Kingdom “has made it easier to do business”.
That’s due to by implementing reforms in the areas of Starting a Business, Dealing with Construction Permits, and Getting Electricity.
The Bank also praised the United Kingdom for its “good practices” in the areas of Protecting Minority Investors and Resolving Insolvency.
In addition, the Bank noted that the United Kingdom has made it easier for entrepreneurs to obtain finance by implementing the Bank’s Micro-enterprise Finance Facility.
Thanks to its business-friendly policies and strong infrastructure, Norway consistently ranks near the top of the list for years as one of the easiest places to do business, according to the World Bank.
Starting a business in Norway is quick and easy. The country has a well-developed banking system that makes it easy to get access to financing.
Some of the world’s most successful businesses, including Norwegian companies such as Statoil and DNB Bank, have their headquarters in the country.
Sweden has excellent infrastructure, a well-educated workforce, and a supportive business environment.
For instance, the Swedish government has been very proactive in promoting entrepreneurship and innovation in recent years.
As a result, Sweden is an attractive destination for foreign investors and businesses looking to expand their operations, due to its easier of doing business ranking position according to the World Bank.
There are definitely great benefits waiting for you if you plan to open a business in one of these countries. But if you’re looking for a place to travel, check out this next article: What are the best places to travel in 2022?
What are the best places to travel in 2022?
The world is your oyster. You can go anywhere you like and enjoy the amazing opportunities that await you. This article will help you choose your next destination.
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