The World Bank has published its annual Doing Business report since 2002. The latest, 312 page edition, ranks countries on their business friendliness, which is determined by the use of 10 parameters.
In its latest rankings The United Arab Emirates remains the highest Middle Eastern country on the list at 21, followed by Cyprus (53), Israel (54), Bahrain (66), Oman (71) and Qatar, (83). Yemen (186) has the lowest ranking for a Middle Eastern country.
The data shows the US has leap-frogged the UK (seventh) to move up to sixth place, from eighth in 2016.
New Zealand, Singapore and Denmark have retained their first, second and third spots in the rankings, respectively followed by the Republic of Korea and Hong Kong.
Since its inception, Doing Business has recorded business reforms in 186 of the 190 economies it now monitors.
Rwanda has implemented the highest number of business reforms over the past 15 years, with a total of 52 reforms, followed by Georgia, which advanced this year into the top 10 ranked economies (47 reforms).
Europe and Central Asia
According to the report, Europe and Central Asia economies have implemented 44 reforms during the past year.
The region is host to top ranked economy Georgia, in ninth place, and two of this year’s top improvers, Kosovo and Uzbekistan.
In the past 15 years the area has been an active reformer with 673 reforms implemented.
It now takes on average 10 and a half days to register a new business in the region, compared with 43 days in 2003.
Middle East and North Africa
Economies in the region implemented 29 reforms in the past year while over the past 15 years the region has implemented 292 reforms.
As a result, it takes 17 days on average to start a business in the region, compared to 43 days in 2003.
However, the region lags on gender-related issues, with 14 economies imposing additional barriers for women entrepreneurs.
South Asia
In South Asia, 20 reforms were implemented by six of the region’s eight economies.
India carried out eight reforms, the highest number for the country in a single year. Over the past 15 years, the region has implemented 127 reforms.
Fifteen years ago, it took over 50 days on average to start a business in the region, compared to 17 days now.
Top 10 improvers
The top 10 improvers on the 2018 ranking, based on reforms undertaken, are Brunei Darussalam, Thailand, Malawi, Koso, India Uzbekistan, Zambia, Nigeria, Djibouti and El Salvador.
Together these 10 top improvers implemented 53 regulatory reforms making it easier to do business.
Shanta Devarajan, the World Bank’s Senior Director for Development Economics, says governments around the world are increasingly turning Doing Business for objective data to underpin their actions.
“More importantly, the fact that Doing Business is transparent and publicly available means that citizens can hold governments accountable for reforms that benefit firms, households, and society at large,” Devarajan says.
