Singapore easiest place to do business 10 years in a row

SINGAPORE — Singapore retained its status for a 10th consecutive year as the easiest country in which to do business, while emerging markets such as China and India moved up the rankings, according to the World Bank.

The World Bank’s annual Doing Business report ranks 189 countries based on 11 indicators such as the ease of starting a business, dealing with construction permits, getting electricity and obtaining credit. 

The 30 best performers stand out because they have rules that allow “efficient and transparent functioning of businesses and markets”, not because they have little regulation, the Washington-based development lender said in the latest report. 

Contributing to Singapore’s high scores was its “high-quality judicial processes”. 

“Resolving a commercial dispute through the Singapore District Court takes just 150 days, the shortest time recorded worldwide, and costs 25.8 per cent of the value of the claim. Efficient dispute resolution is paired with good institutions (such as specialised courts), effective case management and sophisticated court ­automation tools,” the report said. 

The report, the World Bank’s most-downloaded publication, is keenly eyed by developing countries seeking to attract international investment.

Indian Prime Minister Narendra Modi has set a goal of reaching the top 50 by 2017, and Russian President Vladimir Putin is eyeing 20th place by 2018.

Since the ranking was created in 2003, low-income countries have improved more than their high-income counterparts, the report said.

“As they have an opportunity to look at best business practices in some of the better-performing countries in the world, they are beginning to adopt many of these practices,” said Mr  Augusto Lopez-Claros, director of the global indicators group at the World Bank. AGENCIES