Pakistan moves up 11 spots in 'ease of doing business' ranking

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It is the second straight jump in the rankings for the country.

India breaking into the top 50 spot on the World Bank's ease of doing business index now looks "plausible", Finance Minister Arun Jaitley said Thursday, a day after the country recorded a significant jump in the global rankings.

The World Bank's senior economist Arvind Jain said an acceleration in reforms had helped Malaysia advance its position to be among the top 20 ranked economies globally.

Speaking on World Bank's "Ease of doing business" index, Union Minister Suresh Prabhu said India's latest achievement is team work between the Central, state and local government and the collaborative effort and combination of several interventions has resulted in improvement into this "Ease of doing business" index.

"It shows the UAE has best regulatory practices - such as construction permits, registration, trading across borders, getting electricity permits, getting credit and tax payment mechanism etc. - when it comes to doing business".

As a result, the country significantly improved its global ranking in this area to 53, from 82 a year ago.

Kenya has gone up 19 places to 61 in World Bank ease of doing business 2019.

"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."

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New Zealand is ranked the first position followed by Singapore and Denmark while Somalia emerged the worst followed by Eriteria and Venezuela.

"During this past year, Kenya has once again showcased itself as one of the global leaders in adopting worldwide best practices in business regulation", said Felipe Jaramillo, the WB Kenya country director.

The most dramatic improvements were registered in the indicators related to "Construction Permits" and "Trading across Borders".

It also performs well in the area of registering property, with a global rank of 39, and at just five days, it is four times faster to register a property transfer in Turkey than in the region, according to the report.

The Doing Business 2019 report showed a new order emerging near the top: now locked in a trade war with China, the US was one of the few countries where creating and running a business grew more wearisome. This year, Doing Business captured a record 107 reforms across 40 economies in Sub-Saharan Africa, and the region's private sector is feeling the impact of these improvements. The Bank says in the report that the country has made great strides in registration of property, protecting minority investors and cutting time spent on filing tax returns.

- India continued its reform agenda and advanced 23 spots to 77th place.

- During the past year, Malaysia implemented six reforms, Mauritius five, and the UAE four.

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