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WASHINGTON: With the global economy in the deepest recession in 60 years, a record 131 economies reformed business regulation in the fiscal year ended in May, a World Bank report showed.
"Doing Business 2010: Reforming through Difficult Times," recorded 287 reforms between June 2008 and May 2009, a sharp 20 per cent rise from the previous year.
The report by the World Bank and its arm the International Finance Corporation (IFC) examined 183 economies for the annual report that analyses regulations that apply to businesses.
The 131 countries that had undertaken reforms represented more than 70 per cent of those studied, the largest share in any year since the report was first published in 2004.
Singapore, "a consistent reformer," ranked top of the list for ease of doing business for the fourth consecutive year, followed by New Zealand.
But two-thirds of the reforms were in low- and lower-middle-income economies, according to the report.
Rwanda became the first Sub-Saharan African economy to lead the world in reform of business regulation, making it easier to start businesses, register property, protect investors, trade across borders, and access credit.
"Business regulation can affect how well small and midsize firms cope with the crisis and seize opportunities when recovery begins," said Penelope Brook, acting vice president for financial and private sector development for the World Bank.
The financial crisis has been "a jobs crisis for the developing countries and governments are very concerned to find new sources of growth and job creation," Neil Gregory, a senior adviser at the World Bank, said in a recent interview in advance of the report's release.
"There's a big challenge ahead" for the developing countries because there will be changing patterns of trade and the chain of production, he said.
Gregory noted that reformers were particularly active in Eastern Europe and Central Asia and the Middle East and North Africa.
Four new reformers joined the top 10 list, which measures 10 criteria: Liberia, the United Arab Emirates (UAE), Tajikistan and Moldova.
The top 10 in order were: Rwanda, Kyrgyz Republic, Macedonia, Belarus, UAE, Moldova, Colombia, Tajikistan, Egypt and Liberia.
Colombia and Egypt have been top global reformers in four of the past seven years.
- AFP/yb
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