Singapore and Hong Kong are the best places to do business

The Parliament House at The Singapore River (Credit: William Cho/Flickr)

Main Point:

Singapore and Hong Kong are ranked as the best places in the world to do a business according to a World Bank’s annual competitiveness survey of 189 economies.

Study Further:

Among the other top economies with the best business-friendly regulations are Hong Kong SAR, China; New Zealand; the United States; Denmark; Malaysia; the Republic of Korea; Georgia; Norway; and the United Kingdom.

“Regulation is a reality from the beginning of a firm’s life to the end,” the report says. “Navigating it can be complex and costly.”

But in many areas, it added, “there has been remarkable progress in removing some of the biggest bureaucratic obstacles to private sector activity.”

Rwanda, Russian Federation, and Philippines mostly improved economies among the other economies.

“This year, we see a higher number of reforms – 18% more – the second-highest number since the financial crisis,” said Rita Ramalho, program manager for Doing Business at the World Bank Group.

“This pick-up in pace of regulatory reform is good news particularly for small and medium-size businesses – the main job creators in many parts of the world.”

Source:

Doing Business Report: Economies Step Up Reform – WorldBank (http://www.worldbank.org/en/news/feature/2013/10/28/doing-business-report-economies-step-up-reform)

Usman Zafar Paracha

Usman Zafar Paracha is a sort of entrepreneur. He is the author of "Color Atlas of Statistics", and the owner of an Android game "Faily Rocket."