A new IFC and World Bank report finds that economies continued to implement reforms that enhance local firms’ ability to do business, with transparency and access to information playing a key role in the reforms.
Poor protection of property rights and electricity shortages saw Kenya’s appeal to foreign investors wane this year, dealing a blow to efforts aimed at creating employment.
The World Bank’s annual Doing Business released on Thursday says Kenya slid from position 82 in 2009 to position109 in the latest ranking which lists 183 economies.
The World Bank said Kenya should expedite important commercial Bills such as Companies and Insolvency Bills in order to be more attractive to investors.
Released on Thursday, Doing Business 2012: Doing Business in a More Transparent World assesses regulations affecting domestic firms in 183 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders.
This year’s report data cover regulations measured from June 2010 through May 2011.
The report rankings on ease of doing business have expanded to include indicators on getting electricity.
The report finds that getting an electrical connection is most efficient in Iceland; Germany; Taiwan, China; Hong Kong SAR, China; and Singapore.
The global report shows that governments in 125 economies out of 183 measured implemented a total of 245 business regulatory reforms—13 percent more reforms than in the previous year. In Sub-Saharan Africa, a record 36 out of 46 economies improved business regulations this year.
Over the past six years, 163 economies have made their regulatory environment more business-friendly. China, India, and the Russian Federation are among the 30 economies that improved the most over time.