THE World Bank released its Doing Business 2016 Report on Wednesday. The ten criteria listed in the report are applied to all economies in the world. The study contains quantitative measures of regulations for starting a business, dealing with construction permits, employing workers, registering property, getting credit, protecting investors, taxes, trading across borders, enforcing contracts, access to electricity and closing a business.
The World Bank began studying Myanmar and started published the country’s place in its reports in 2013. Out of 189 countries Myanmar was ranked 182 in terms of ease of doing business according to the World Bank’s Doing Business 2014 Report.
The country has climbed the World Bank’s ranking for ease of doing business, moving from 182th out of 189 countries in last year’s report to 167th in the new index released last Wednesday. Myanmar’s achievements this year make it the second most improved country in the world in this category.
The reason for the dramatic shift is the government’s relaxing of rules and regulations for the registration of a company and changing the registration period for a new company from more than six months, which it was in the past, to just three days today.
The government’s efforts were aimed at cultivating enterprise and initiative to stimulate business growth and market confidence. The Transparency International’s Corruption Perception Index has shown that Myanmar’ place has climbed from 180 in 2011 to 172 in 2012, 157 in 2013 and 156 in 2014.
The yearly index is a recognised factor in regional economic planning and has real world consequences as reflected by the increased confidence in the Myanmar economy both domestically and abroad and in flowering regional trade relationships.
Maung Ti Kar