DHAKA: Bangladesh is ranked 166 among 190 economies in the ‘Ease of Doing Business Index 2020’, according to the latest World Bank annual ratings released on Thursday.
The rank of Bangladesh was 176th among 190 countries in the previous ranking last year, an improvement by eight places.
The Ease of doing business index ranks countries against each other based on how the regulatory environment is conducive to business operation stronger protections of property rights.
“Improving the business environment is essential for Bangladesh to support private sector development, which will create more jobs and foster sustainable economic growth,” said Mercy Miyang Tembon, World Bank Country Director for Bangladesh, in a statement.
“It would be important for Bangladesh to build on the recent achievement and further accelerate regulatory reform efforts to continue to improve the business climate.”
Economies with a high rank (1 to 20) have simpler and more friendly regulations for businesses. This page includes a chart with historical data for Ease of Doing Business in Bangladesh. According to the World Bank Group’s Doing Business 2020 study, Bangladesh carried out three business reforms during the past year, the most in a decade.
The three recent reforms are: setting up a new business became less expensive with the reduction of registration and name clearance fees and removal of the certifying fee for digital certificates; obtaining an electrical connection was made more efficient as the Dhaka city invested in digitization and human capital and at the same time, the country reduced the amount of the security deposit required for a new connection and access to credit information was improved thanks to expanded coverage by the credit information bureau.
In a WB press release, World Bank Country Director for Bangladesh Mercy Miyang Tembon said, “Improving the business environment is essential for Bangladesh to support private sector development, which will create more jobs and foster sustainable economic growth.”
“It would be important for Bangladesh to build on the recent achievement and further accelerate regulatory reform efforts to continue to improve the business climate,” he added.
India has moved 14 places to be 63rd among 190 nations in the World Bank’s ease of doing business ranking while Bhutan 89th, followed by Nepal 94th, Sri Lanka 99th, Pakistan 108th, the Maldives 147th, and Afghanistan 173rd.
Doing Business acknowledges the 10 economies that improved the most on the ease of doing business after implementing regulatory reforms. In Doing Business 2020, the 10 top improvers are Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria.
Doing business ranking is based on quantitative indicators on regulation for starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
BDST: 1636 HRS, OCT 24, 2019