Myanmar debuts in World Bank's business report

Myanmar featured for the first time in this year's World Bank report on business-friendly economies, according to bank's country manager.

The report named "Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises" was released on Tuesday by World Bank and the International Finance Corporation (IFC).

"The data show that there is considerable scope for reform, and efforts are under way to improve the country's business regulations. By removing bottlenecks to firm creation and growth, governments can signal the emergence of a more business-friendly environment, as has already been done in a large number of economies in the region," said Kanthan Shankar, Country Manager of the World Bank in Myanmar.

The report finds 22 of 23 economies in East Asia and the Pacific have made their regulatory environments more business-friendly since 2005. Among the region's economies, China made the greatest progress in improving business regulations for local entrepreneurs.

"A better business climate can enable entrepreneurs and investors to create more job opportunities for the people of Myanmar," said Charles Schneider, Resident Representative of IFC in Myanmar.

"Measuring regulations and other indicators of a business-friendly environment in Myanmar is a great step forward for Myanmar's economy. As a new entrant to doing business, Myanmar now has a good benchmark for measuring the results of its reform program."

According to this year's report, Singapore continues to be the most business-friendly in the world for eight consecutive years, followed by Hong Kong. Malaysia jumps from 12th to sixth place, and the Philippines ranks among the top 10 economies making the biggest improvement in business regulation in the past year.

Joining Singapore and Hong Kong, on the list of the 10 economies with the most business-friendly regulations this year are New Zealand, the United States, Denmark, Malaysia, the Republic of Korea, Georgia, Norway and the United Kingdom.

The rankings are based on 10 indicators and cover 189 economies. Its findings have stimulated policy debates worldwide and enabled a growing body of research on how business regulation relates to economic outcomes across economies.

The World Bank Group is one of the world's largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) -- which together form the World Bank. Attached to them are the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world.

source: Eleven Myanmar
http://www.elevenmyanmar.com/business/3911-myanmar-debuts-in-world-bank-s-business-report