MINSK, 25 October (BelTA) – Belarus is ranked 37th out of the 190 economies covered by the World Bank’s Doing Business 2017 report, BelTA has learned.
The Doing Business 2016 report ranked Belarus 44th initially. The result was formally revised to 50th after the countries covered by the report submitted additional information and comments.
In the World Bank’s Doing Business 2017 report New Zealand boasts the top score. The country is followed by Singapore. The top ten countries with the most favorable conditions for doing business also include Denmark, Hong Kong (China), the Republic of Korea, Norway, UK, USA, Sweden and Macedonia.
As far as ex-USSR countries are concerned, Estonia is ranked 12th. It is followed by Latvia (14th), Georgia (16th), and Lithuania (21st), Kazakhstan (35th), Armenia (38th), Russia (40th), Moldova (44th), Azerbaijan (65th), Kyrgyzstan (75th), Ukraine (80th), Uzbekistan (87th), and Tajikistan (128th).
Several parameters are evaluated to make up the total score of a country. Starting a Business in Belarus scored 31 (30 in the Doing Business 2016 report), Getting Construction Permits — 28 (25), Getting Electricity — 24 (74), Registering Property — 5 (7), Getting Credit — 101 (109), Protecting Minority Investors — 42 (62), Paying Taxes — 99 (95), Trading Across Borders — 30 (30), Enforcing Contracts — 27 (28), Resolving Insolvency — 69 (95).
Belarus was one of the most improved economies in 2015-2016 in the areas tracked by the Doing Business report.
The World Bank’s Doing Business 2017 report takes into account reforms implemented from 2 June 2015 through 1 June 2016. In the period Belarus carried out four significant reforms to make doing business easier. The report reads that Belarus improved its business climate by establishing a one-stop shop at the utility that fulfills all utility connection-related services, including the design and construction of the distribution line. Belarus made it easier to transfer a property by improving the transparency and reliability of the land administration system. Today it is necessary to complete only two procedures and spend three days to register a property. The accomplishment secured the fifth position for Belarus in the Registering Property indicator.
Apart from that, a system of credit histories was created and the credit history bureau started giving credit worthiness scores to borrowers. Belarus also took steps to better protect minority investors by introducing remedies in cases where related-party transactions are harmful to the company and requiring greater corporate transparency.
“Persistent efforts of the government to improve the business regulation environment have had an obviously positive effect on the country’s ranking in the Doing Business report for the last decades. At present it is necessary to utilize these substantial accomplishments to raise foreign direct investments,” stressed Young Chul Kim, World Bank Country Manager for Belarus.