Doing business in Belarus has become more difficult over the past year as it dropped from 61st spot to 49th in the World Bank’s 2020 business ranking.
Doing Business 2020 examined changes in the regulation of business activity in 190 economies to see where regulation levels best encourage efficiency and support the freedom to do business.
It looked into how easy it is to start a business, hire workers, deal with construction permits and obtain credit, etc. New Zealand had the best score this year, followed by Singapore and Hong Kong.
Among the ten countries with the most favourable conditions for entrepreneurial activity are Denmark, South Korea, the USA, Georgia, Great Britain, Norway and Sweden.
The top-10 improvers are Saudi Arabia, Jordon, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India and Nigeria. The worst countries for doing business are Venezuela, Eritrea and Somalia.
Meanwhile, Belarus lags behind almost all partners of the Eurasian Economic Union. Over the past year, Kazakhstan has improved its business atmosphere and rising from 28th to 25th position.
Russia advanced from 31st to 28th place by providing access to electricity faster, requiring greater corporate transparency and making paying taxes easier. Compared to last year, Belarus slipped 12 places down the ranking.
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Armenia is also ahead of Belarus, it takes 47th place. The worst business performance among the EAEU countries was recorded in Kyrgyzstan – 80th place, last year the country occupied 70th spot.
The situation in other countries neighbouring Belarus is also better: Lithuania -is 11th, Latvia – 19th, Poland – 40th. And only doing business in Ukraine is even more difficult – the country holds 64th position in the ranking.