When it comes to the efficiency of financial regulations and the ease of doing business, Singapore is second to none. The dynamic Asian city state once again tops the World Bank’s 2016 global rankings.
Singapore held on to its business-friendly top ranking in the World Bank’s “Doing Business 2016” report released in Bangkok on Wednesday.
The study of 189 economies around the globe looks at the regulatory environment for small and medium-sized companies to see how it helps or hampers them conduct business on the ground, from starting up and paying taxes to registering property and trading across borders.
“A modern economy cannot function without regulation and at the same time, it can be brought to a standstill through poor and cumbersome regulation,” World Bank Chief Economist Kaushik Basu said in a statement.
Eritrea bringing up the rear
There were hardly any changes in the top 10 of the rankings, with New Zealand remaining in the number-two position, followed by Denmark. Germany ended up in 15th place.
Progress was tilted to the downside in biggest emerging economies, including Brazil, India and China, while Russia was found to have improved its business sector significantly, climbing 11 spots in the rankings.
The World Bank also praised recent reforms in Rwanda, Uganda and Kenya, but criticized Eritrea for having done nothing to leave the very bottom of the table. It also notes that the bottom 10 economies with the worst business environments were largely in Africa, with the exceptions of Haiti and Venezuela.