Malaysia now 'easier' for doing business, says World Bank
02 November, 2018, 18:01 | Author: Shawna Walton
Commenting on the report, World Bank Group President Jim Yong Kim: said "The private sector is key to creating sustainable economic growth and ending poverty around the world".
The reforms of the past year covered the "doingbusiness" areas of "starting a business", "registering property" and "resolving insolvency".
He said the government, through Pemudah, will undertake more reform initiatives to further enhance the ease of doing business in a new Malaysia that prospers through business competitiveness. It also noted that Nigeria made getting electricity easier by requiring that the distribution companies obtain the right of way on behalf of the customers and by turning on the electricity once the meter is installed.
In the World Bank's Ease of doing business Index for 2019, India rose 23 places to 77th, up from 100th in 2018 and 130th in 2017.
The World Bank this year said it used "a score indicating an economy's position to the best regulatory practice".
In the past year, China has implemented reforms in seven out of the ten assessment indicators, the World Bank said. The reforms in Mauritius included the elimination of gender barriers for starting a business. India is now recognised as among top ten improvers for the 2nd consecutive year. It takes 69 days and costs about 8 per cent of the property value to register a property, compared to 20 days and 4.2 per cent among high income OECD economies.
In Africa, World Bank ranked Kenya as the second after Rwanda as an economy with a healthy business environment. India has also managed to increase quality control efforts, the World Bank stated.
However, it noted that the Philippines made trading more hard this year. A second study finds that regular training for customs clearance officials and brokers results in lower border and documentary compliance times, easing the movement of goods across borders.
"These efforts have had transformative and positive effects on the judicial system as a whole, but also in the areas of commercial litigation and insolvency specifically", the report said.
New Zealand tops the list of 190 countries in ease of doing business, followed by Singapore, Denmark, and Hong Kong. It was at 100th place a year ago and now it is at 77th rank. Gains by Georgia and Norway pushed the United Kingdom down two places to 9th.
The most notable change in this area was reducing the number of days for registering a property to 26, less than half of the previous duration (56 days).
A total of 25 reforms were carried out in Latin America and the Caribbean in the past year.
"All these achievements have been made possible through KEPSA's various engagement structures established in partnership with the government over the years including Presidential Round table, Speakers' Round table, Ministerial Stakeholders' Forums, among others that have been crucial in ensuring a stable, secure and enabling business environment where all businesses large and small, domestic and foreign can start, grow and thrive."
China is the only economy from East Asia and the Pacific among the ranking's top 10 climbers.
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