Singapore once again topped the World Bank’s (WB) ranks for the best place in the world to do business, and Egypt is the leader in reforms to invite more business, the World Bank said on Tuesday. “For the second year running, Singapore tops the aggregate rankings on the ease of doing business” in 2006-2007, the World Bank said in releasing its Doing Business 2008 report. Singapore unseated New Zealand in the annual rankings last year. In the latest report, New Zealand held on to the number-two spot, ahead of the US, in third place. Hong Kong, Denmark, Britain, Canada, Ireland, Australia and Iceland rounded out in descending order the top 10 places for ease of doing business in the survey of 178 economies.
The World Bank said that countries in Eastern Europe and the former Soviet Union reformed the most in 2006-2007, along with a large group of emerging markets, including China and India. “China was the standout in East Asia, implementing far-reaching new private property rights and a new bankruptcy law,” the bank said in a statement.
The rankings are based on 10 indicators of business regulation that track the time and cost to meet government requirements in business start-up, operation, trade, taxation and closure, the bank said. AFP