The best and worst places in the world to do business
China advances while UK falls to ninth place in the latest World Bank ease of business ranking
New Zealand has once again nabbed the top spot in a World Bank report on the ease of doing business around the world.
After being overtaken by Georgia and Norway, the UK is the ninth easiest country in the world to do business, falling from seventh place last year. The US also fell two spots, dropping to eighth this year.
For the third consecutive year, New Zealand, Singapore and Denmark occupied the top three positions, while Somalia again came bottom of the rankings.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The annual World Bank study examines the red tape that affects small and medium-sized enterprises across several areas, including opening and registering a business, paying taxes, and trading across borders.
The rankings are “closely watched” by businesses and policy makers around the world, with countries frequently orienting their domestic reforms around attempts to raise their position, says the Wall Street Journal.
The three most improved countries this year were Djibouti, Afghanistan and China, with Beijing in particular making significant efforts to cut regulation in the last year.
It has been a “remarkable” year for China in terms of regulatory reform, Rita Ramalho, senior manager from the World Bank’s global indicators group, told the Financial Times. “Normally they do one to two reforms, this year they have seven areas of reform,” she said. “The intensity has increased significantly.”
Shanta Devarajan, acting chief economist at the World Bank, said the diversity among the top improvers “shows that economies of all sizes and income levels, and even those in conflict” can advance the business climate for domestic small and medium enterprises.
Despite being highly regarded by businesses and governments around the world, the rankings have faced criticism from aid agencies who argue that they reward countries with high levels of inequality.
The bank’s former chief economist Paul Romer has expressed concern that repeated changes to the methodology of the report “had allowed World Bank staff to unfairly push some countries higher or lower in the rankings, even when their business environments hadn’t changed,” the WSJ says.
The newspaper adds: “An external audit found the report hadn’t been manipulated for political purposes, but the World Bank took some of the criticisms to heart: There were no changes to the report’s methodology this year, and the bank has committed to making updates to its methodology only once every five year.”
The top ten:
- New Zealand (top)
- Singapore
- Denmark
- Hong Kong
- South Korea
- Georgia
- Norway
- US
- UK
- Macedonia
The bottom ten:
- Somalia (bottom)
- Eritrea
- Venezuela
- Yemen
- Libya
- South Sudan
- Democratic Republic of the Congo
- Central African Republic
- Haiti
- Chad
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Geoff Capes obituary: shot-putter who became the World’s Strongest Man
In the Spotlight The 'mighty figure' was a two-time Commonwealth Champion and world-record holder
By The Week UK Published
-
Israel attacks Iran: a 'limited' retaliation
Talking Point Iran's humiliated leaders must decide how to respond to Netanyahu's measured strike
By The Week UK Published
-
Crossword: November 2, 2024
The Week's daily crossword puzzle
By The Week Staff Published
-
The World Bank and the IMF: still fit for purpose?
In the Spotlight Washington meeting has renewed focus on whether 80-year-old Bretton Woods 'twin' institutions are able to tackle the challenges of the future
By The Week UK Published
-
'Brain drain' fear as record numbers leave New Zealand
Under The Radar Neighbouring Australia is luring young workers with prospect of better jobs
By Chas Newkey-Burden, The Week UK Published
-
Labour shortages: the ‘most urgent problem’ facing the UK economy right now
Speed Read Britain is currently in the grip of an ‘employment crisis’
By The Week Staff Published
-
Will the energy war hurt Europe more than Russia?
Speed Read European Commission proposes a total ban on Russian oil
By The Week Staff Published
-
Will Elon Musk manage to take over Twitter?
Speed Read The world’s richest man has launched a hostile takeover bid worth $43bn
By The Week Staff Last updated
-
Shoppers urged not to buy into dodgy Black Friday deals
Speed Read Consumer watchdog says better prices can be had on most of the so-called bargain offers
By The Week Staff Published
-
Ryanair: readying for departure from London
Speed Read Plans to delist Ryanair from the London Stock Exchange could spell ‘another blow’ to the ‘dwindling’ London market
By The Week Staff Published
-
Out of fashion: Asos ‘curse’ has struck again
Speed Read Share price tumbles following the departure of CEO Nick Beighton
By The Week Staff Published