Russia rises in World Bank's Doing Business ranking

30 October 2019

Marchmont Innovation News

Russia now ranks 28th in the World Bank’s  2020 Doing Business ranking  of 190 economies, inching up three places from the 2019 ranking to finish ahead of Israel and even Japan but still behind Kazakhstan, a former Soviet Union republic in Central Asia.

Russia showed marked progress on the ease of getting construction permits and connecting to the power grid, rising to the 26th and 22nd places in the respective rankings. Russia retained its 12th place on the ease of property registration.

However, it also remained in 99th place on international trade and customs regulations. On the protection of minority investors, Russia dropped 15 points to 72nd place. Its rankings also declined on access to credit, contract enforcement, and tax payment procedures.

“Doing Business” evaluates the impact of regulatory reforms implemented during the past year. Russia’s position in the rankings has improved 89 points since 2011—the largest improvement among the rated countries—making Russia the highest-rated BRICS economy. China, the second highest rated BRICS country, demonstrated an impressive 15-point rise to 31st place within just one year.

New Zealand tops the Doing Business ranking this year, followed by Singapore, Hong Kong, Denmark, South Korea, and the United Stated. Georgia, an ex-USSR constituent and now dynamically developing country in the Caucasus region, retains its place in the Top-10, ceding one position though (7th vs. 6th last year), and ranks ahead of the UK and Norway.

President Putin has set the goal for Russia to be among the ranking’s top 20 economies by 2024. He did likewise in 2012 with the 2018 deadline; Russia ranked 120th back then.

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