Singapore tops the list of Asian countries where it is easy to run a business, according to the recent World Bank report.
The World Bank’s annual report Doing Business 2019 ranks economies based on how easy it is to do business. Singapore has been ranked the second best country in the world to run a business. South Korea follows closely, as the second best country to do business in Asia.
Malaysia, despite undergoing rapid economic development, has grown noticeably and improved in ranking. It is ranked third best country to do business in Asia and 15th globally.
Thailand with its export-dependent economy, is also among the top countries of Asia ranking fourth and 27th globally. Japan being the third largest economy of the world, has ranked fifth amongst Asian countries and 39th globally.
The world’s second largest economy and largest exporter, China, has seen significant growth in its economy and has been ranked 46th globally.
Brunei Darussalam has been ranked 55th globally, losing the position of being the most improved economy for the last three years.
Vietnam, Indonesia and Mongolia are the Asian countries which have seen economic deterioration this year. Vietnam and Indonesia have been ranked 69th and 73rd respectively, going a position lower than last year. Mongolia has gone down 12 positions in the ease of doing business suffering a huge fall, ranking 74th globally.
Being the world’s fastest growing economy, India, has seen enormous development to be ranked 77th globally. India moved up 23 positions in the ease of doing business report as compared to last year, implementing reforms in two areas – “starting a business” and “dealing with construction permits”.
Other South-Asian neighbours Bhutan, Sri Lanka, Nepal and Pakistan have been ranked 81st, 100th, 110th and 136th. Sri Lanka and Pakistan has moved 11 positions up the list in comparison to last year, showing gradual development in their economy. Bhutan and Nepal have failed to grow, rather showing decline in their economies.
Cambodia, Laos, Myanmar and Bangladesh are the lowest ranked Asian countries in the ease of doing business report. Cambodia has been ranked 138th, while Laos has been ranked 154th and Bangladesh has been ranked 176th. Myanmar holds the same position as last year with a global rank of 171. DATALEADS/ASIA NEWS NETWORK