The World Bank Group says governments across 115 countries around the world launched a total of 294 reforms in the past year to make doing business easier for their domestic private sector.
This, according to a statement, said the government’s paved the way for more jobs, expanded commercial activity, and higher incomes for many, quoting the World Bank’s Doing Business 2020 study.
The study, the 17th in an annual series that evaluates regulations enhancing or constraining business activity for small and medium-sized enterprises, showed that reforms were implemented in 10 areas of business activity in 190 economies over a 12-month period ending May 1, 2019.
The study showed the link between business-friendly environments and lower levels of poverty, as well as improved regulatory efficiency to stimulate entrepreneurship, startups, innovation, access to credit, and investment.
Commenting, World Bank Group President, David Malpass urged governments to further “foster market-oriented development and broad-based growth by creating rules that help businesses launch, hire, and expand.
“Removing barriers facing entrepreneurs generates better jobs, more tax revenues, and higher incomes, all of which are necessary to reduce poverty and raise living standards.”
It is important to note that Doing Business is not meant to be an investment guide, but rather a measurement of indicators of ease of doing business.