Developing Countries Made Significant Progress in Improving Business Rules - WB
Local entrepreneurs in developing countries are finding it easier to do business than at any time in the last 10 years, highlighting the significant progress that has been made in improving business regulatory practices across the globe, according to a new report by the World Bank (WB) and the International Finance Corp. (IFC).
The report noted that over the last 10 years, nearly 2,000 regulatory reforms have been implemented by 180 economies. The reforms have yielded major benefits for local entrepreneurs across the globe.
Since 2005, the average time to start a business has fallen from 50 days to 30 - and in low-income economies the average has been reduced by half.
In the past eight years, the average time to transfer property fell by 35 days, from 90 to 55, and the average cost by 1.2 percentage points - from 7.1 percent of the property value to 5.9 percent.
Improvements to simplify tax compliance have reduced the time required annually to comply with the three major taxes measured by 54 hours on average.
"Over the years, governments have made important strides to improve their business regulatory environment and to narrow the gap with global best practices," said Augusto Lopez-Claros, Director, Global Indicators and Analysis, World Bank Group. …