Latest news with #BusinessReady
Yahoo
13-05-2025
- Business
- Yahoo
Shanghai releases 10 major missions on improving business environment
SHANGHAI, May 12, 2025 /PRNewswire/ -- A news report from The municipal government of Shanghai released a circular outlining 10 major missions to seek further breakthroughs in improving its business environment on May 8, aiming at further stabilizing employment, companies' operations and market expectations. One of the 10 initiatives is to better align with the evaluation methods and criteria used in the World Bank's Business Ready report. Further reforms will also be advanced. Meanwhile, favorable policies should be more easily accessible for companies. The city will launch an online platform via which companies can search for the applicable policies and obtain approvals. A "policy calculator" will also be introduced to explicitly explain the application conditions and scope for certain policies. To further enhance administrative oversight of companies, Shanghai will complete and upgrade the supervision QR code system, which was rolled out citywide earlier this year. According to the circular, financing costs for small and medium-sized enterprises should be reduced, and innovative financing services should be offered. To this end, Shanghai will promote a fast-track loan initiative across industrial parks, which was first piloted in the Hongkou district in northeast Shanghai. The circular also highlights the need to improve bankruptcy procedures, as this is one of the key indicators in the World Bank report. Enhancing efficiency in this area will support company restructuring, accelerate market evolution, and improve resource allocation. For more information: View original content to download multimedia: SOURCE Sign in to access your portfolio
Asia Times
24-04-2025
- Business
- Asia Times
World Bank 2d try at ranking economies for investors also lacking
In 2021, the World Bank shut down one of its flagship projects: the Doing Business index, a global ranking system that measured how easy it was to start and run a business in 190 countries. That followed an independent investigation that found World Bank officials had manipulated the rankings to favor powerful countries, including China and Saudi Arabia. The scandal raised serious concerns about the use of global benchmarks to shape development policy. Now, the bank is trying again. In October 2024, it launched its newest flagship report, Business Ready. The 2025 spring meeting of the World Bank and its sister institution, the International Monetary Fund, mark the first time the report will be formally presented to delegates as part of the institutions' high-level agenda. Nicknamed B-READY, the report aims to evaluate business environments through more transparent data. This time, the annual assessment has a broader ambition: to go beyond laws and efficiency and also measure social inclusion, environmental sustainability and public service delivery. As experts on international organizations, law and development, we have given B-READY a closer look. While we appreciate that a global assessment of the economic health of countries through data collection and participation of private stakeholders is a worthwhile endeavor, we worry that the World Bank's latest effort risks recreating many of the same flaws that plagued its predecessor. To understand what's at stake, it's worth recalling what the Doing Business index measured. From 2003 to 2021, the flagship report was used by governments, investors and World Bank officials alike to assess the business environment of any given country. It ranked countries based on how easy it was to start and run a business in each of 190 economies. In prioritizing that as its marker, the index often celebrated reforms that stripped away labor protections, environmental safeguards and corporate taxes in the name of greater 'efficiency' of common law versus civil law jurisdictions. As economist Joseph E. Stiglitz argued in 2021, from its creation the Doing Business index reflected the values of the so-called Washington Consensus − a development model rooted in deregulation, privatization and market liberalization. Critics warned for years that the Doing Business index encouraged a global 'race to the bottom.' Countries competed to improve their rankings, often by adopting symbolic legal reforms with little real impact. In some cases, internal data manipulation at the World Bank penalized governments that did not appear sufficiently business-friendly. These structural flaws − and the political pressures behind them − ultimately led to the project's demise in 2021. B-READY is the World Bank's attempt to regain credibility after the Doing Business scandal. In recent years, there has been both internal and external pressure to create a successor − and B-READY responds to that demand while aiming to fix the methodological flaws. In theory, while it retains a focus on the business environment, B-READY shifts away from a narrow deregulatory logic and instead seeks to capture how regulations interact with infrastructure, services and equity considerations. B-READY, which in the pilot stage covers a mix of 50 countries, does not rank countries with a single score. Rather, it provides more accurate data across 10 topics grouped into three pillars: regulatory framework, public services and operational efficiency. The report also introduces new themes such as digital access, environmental sustainability and gender equity. Unlike the Doing Business index, B-READY publishes its full methodology and makes its data publicly available. On the surface, this looks like progress. But a criticism of B-READY is that, in practice, the changes offer only a more fragmented ranking system — one that is harder to interpret and still shaped by the same investor-driven macroeconomic assumptions. In our view, the framework continues to reflect a narrow view of what constitutes a healthy legal and economic system, not just for investors but for society as a whole. A key concern is how B-READY handles labor standards. The report relies on two main data sources: expert consultations and firm-level surveys. For assessing labor and social security regulations, the World Bank consults lawyers with expertise in each country. But when it comes to how these laws function in practice, the report relies on surveys that ask businesses whether labor costs, dismissal protections and public services are 'burdens.' This approach captures the employer's perspective, but leaves out workers' experiences and the real impact on labor rights. In some cases, the scoring system even rewards weaker protections. For example, countries are encouraged to have a minimum-wage law on the books − but are penalized if the wage is 'too high' relative to gross domestic product per capita. This creates pressure to keep wages low in order to appear competitive. And while that might be good news for international companies seeking to reduce their labor costs, it isn't necessarily good for the local workforce or a country's economic well-being. According to the International Trade Union Confederation, this approach risks encouraging symbolic reforms while doing little to protect workers. Georgia, for example, ranks near the top of the B-READY labor assessment, despite not having updated its minimum wage since 1999 and setting it below the subsistence level. Another troubling area, to us as comparative law experts, is how B-READY evaluates legal issues. It measures how quickly commercial courts resolve disputes but ignores judicial independence or respect for the rule of law. As a result, countries such as Hungary and Georgia, which have been widely criticized for democratic backsliding and the erosion of the rule of law, score surprisingly high. Not coincidentally, both governments have already used these scores for propaganda and political gain. This reflects a deeper problem, we believe. B-READY treats the legal system primarily as a means to attract investment, not as a framework for public accountability. It assumes that making life easier for businesses will automatically benefit everyone. But that assumption risks ignoring the people most affected by these laws and institutions − workers, communities and civil society groups. B-READY introduces greater transparency and public data − and that, for sure, is a step up from its predecessor. But in our opinion it still reflects a narrow view of what a 'good' legal system looks like: one that might deliver efficiency for firms but not necessarily justice or equity for society. Whether B-Ready becomes a tool for meaningful reform − or just another scoreboard for deregulation − will depend on the World Bank's willingness to confront its long-standing biases and listen to its critics. Fernanda G Nicola is a professor of Law at American University and Dhaisy Paredes Guzman is a research assistant at American University. This article is republished from The Conversation under a Creative Commons license. Read the original article.
Yahoo
23-04-2025
- Business
- Yahoo
From Doing Business to B-READY: World Bank's new rankings represent a rebrand, not a revamp
In 2021, the World Bank shut down one of its flagship projects: the Doing Business index, a global ranking system that measured how easy it was to start and run a business in 190 countries. It followed an independent investigation that found World Bank officials had manipulated the rankings to favor powerful countries, including China and Saudi Arabia. The scandal raised serious concerns about the use of global benchmarks to shape development policy. Now, the Bank is trying again. In October 2024, it launched its newest flagship report, Business Ready. The 2025 spring meeting of the World Bank and its sister institution, the International Monetary Fund, mark the first time the report will be formally presented to delegates as part of the institutions' high-level agenda. Nicknamed B-READY, the report aims to evaluate business environments through more transparent data. This time, the annual assessment has a broader ambition: to go beyond laws and efficiency and also measure social inclusion, environmental sustainability and public service delivery. As experts on international organizations, law and development, we have given B-READY a closer look. While we appreciate that a global assessment of the economic health of countries through data collection and participation of private stakeholders is a worthwhile endeavor, we worry that the World Bank's latest effort risks recreating many of the same flaws that plagued its predecessor. To understand what's at stake, it's worth recalling what the Doing Business index measured. From 2003 to 2021, the flagship report was used by governments, investors and World Bank officials alike to assess the business environment of any given country. It ranked countries based on how easy it was to start and run a business in 190 economies. In prioritizing that as its marker, the index often celebrated reforms that stripped away labor protections, environmental safeguards and corporate taxes in the name of greater 'efficiency' of common law versus civil law jurisdictions. As economist Joseph E. Stiglitz argued in 2021, from its creation, the Doing Business index reflected the values of the so-called Washington Consensus − a development model rooted in deregulation, privatization and market liberalization. Critics warned for years that the Doing Business index encouraged a global 'race to the bottom.' Countries competed to improve their rankings, often by adopting symbolic legal reforms with little real impact. In some cases, internal data manipulation at the World Bank penalized governments that did not appear sufficiently business-friendly. These structural flaws − and the political pressures behind them − ultimately led to the project's demise in 2021. B-READY is the World Bank's attempt to regain credibility after the Doing Business scandal. In recent years, there has been both internal and external pressure to create a successor − and B-READY responds to that demand while aiming to fix the methodological flaws. In theory, while it retains a focus on the business environment, B-READY shifts away from a narrow deregulatory logic and instead seeks to capture how regulations interact with infrastructure, services and equity considerations. B-READY, which in the pilot stage covers a mix of 50 countries, does not rank countries with a single score. Rather, it provides more accurate data across 10 topics grouped into three pillars: regulatory framework, public services and operational efficiency. The report also introduces new themes such as digital access, environmental sustainability and gender equity. Unlike the Doing Business index, B-READY publishes its full methodology and makes its data publicly available. On the surface, this looks like progress. But a criticism of B-READY is that in practice, the changes offer only a more fragmented ranking system — one that is harder to interpret and still shaped by the same investor driven macroeconomic assumptions. In our view, the framework continues to reflect a narrow view of what constitutes a healthy legal and economic system, not just for investors but for society as a whole. A key concern is how B-READY handles labor standards. The report relies on two main data sources: expert consultations and firm-level surveys. For assessing labor and social security regulations, the World Bank consults lawyers with expertise in each country. But when it comes to how these laws function in practice, the report relies on surveys that ask businesses whether labor costs, dismissal protections and public services are 'burdens.' This approach captures the employer's perspective, but leaves out workers' experiences and the real impact on labor rights. In some cases, the scoring system even rewards weaker protections. For example, countries are encouraged to have a minimum-wage law on the books − but are penalized if the wage is 'too high' relative to gross domestic product per capita. This creates pressure to keep wages low in order to appear competitive. And while that might be good news for international companies seeking to reduce their labor costs, it isn't necessarily good for the local workforce or a country's economic well-being. According to the International Trade Union Confederation, this approach risks encouraging symbolic reforms while doing little to protect workers. Georgia, for example, ranks near the top of the B-READY labor assessment, despite not having updated its minimum wage since 1999 and setting it below the subsistence level. Another troubling area, to us as comparative law experts, is how B-READY evaluates legal issues. It measures how quickly commercial courts resolve disputes but ignores judicial independence or respect for the rule of law. As a result, countries such as Hungary and Georgia, which have been widely criticized for democratic backsliding and the erosion of the rule of law, score surprisingly high. Not coincidentally, both governments have already used these scores for propaganda and political gain. This reflects a deeper problem, we believe. B-READY treats the legal system primarily as a means to attract investment, not as a framework for public accountability. It assumes that making life easier for businesses will automatically benefit everyone. But that assumption risks ignoring the people most affected by these laws and institutions − workers, communities and civil society groups. B-READY introduces greater transparency and public data − and that, for sure, is a step up from its predecessor. But in our opinion it still reflects a narrow view of what a 'good' legal system looks like: one that might deliver efficiency for firms but not necessarily justice or equity for society. Whether B-Ready becomes a tool for meaningful reform − or just another scoreboard for deregulation − will depend on the World Bank's willingness to confront its long-standing biases and listen to its critics. This article is republished from The Conversation, a nonprofit, independent news organization bringing you facts and trustworthy analysis to help you make sense of our complex world. It was written by: Fernanda G Nicola, American University and Dhaisy Paredes Guzman, American University Read more: Scandal involving World Bank's 'Doing Business' index exposes problems in using sportslike rankings to guide development goals If US attempts World Bank retreat, the China-led AIIB could be poised to step in – and provide a model of global cooperation Can this former CEO fix the World Bank and solve the world's climate finance and debt crises as the institution's next president? The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Zawya
26-03-2025
- Business
- Zawya
Strategic and Targeted Reforms Can Strengthen Morocco's Business Landscape: Report
The Moroccan economy demonstrated resilience and positive trends in 2024 despite facing significant challenges. Recent rainfall has alleviated drought conditions, contributing to a more favorable outlook for the agricultural sector. Overall growth is projected to increase to 3.6 percent in 2025, according to the World Bank's latest economic update for Morocco, "Prioritizing reforms to boost the business environment". In 2024, Morocco's overall Gross Domestic Product (GDP) growth decelerated to 3.2 percent due to drought impacts. However, non-agricultural growth increased to an estimated 3.8 percent, driven by a revitalized industrial sector and a rebound in gross capital formation. Inflation fell below 1 percent, allowing Bank Al-Maghrib to begin easing monetary policy. Morocco's external position continues to be stable, with a moderate current account deficit financed by increasing foreign direct investment inflows, supported by strong investor confidence. Despite spending pressures, the debt-to-GDP ratio is gradually declining. Significant socioeconomic challenges persist. The recent inflationary shock has eroded households' purchasing power, resulting in depressed confidence indicators. Although urban labor markets showed improvement, with the addition of approximately 162,000 jobs in 2024, job creation remains a critical challenge. Over the past decade, the working-age population has grown by over 10 percent, while employment has increased by only 1.5 percent. This gap is influenced by the lingering impacts of the post-pandemic shocks, the delayed impacts of recent reforms, and the low level of women's participation in the labor market. The economy is expected to grow faster at a pace of 3.6 percent in 2025, and improved climatic conditions should allow for a partial recovery in agricultural output, with agricultural GDP projected to expand by 4.5 percent. Non-agricultural growth is expected to decelerate slightly to 3.5 percent due to base effects. "Morocco's economic outlook remains robust, characterized by controlled inflation, a strong external position, a steady path towards fiscal consolidation, and a stable debt-to-GDP ratio," said Ahmadou Moustapha Ndiaye, Division Director for the Maghreb and Malta at the World Bank. " Pursuing structural reforms to address recent shocks and employment challenges, particularly those affecting young Moroccans, remains crucial for sustaining economic growth. This will require targeted improvements to the business environment." The report includes a special focus chapter covering Morocco's business climate, with insights from the Business Ready report dataset published in 2024, highlighting opportunities for reform. Morocco outperforms similar-income countries in regulatory frameworks and public services but lags in operational efficiency. Highlighted areas of improvement include addressing high costs and barriers to formal hiring, clarifying procedures and enhancing digital processes and transparency in dispute resolution, finalizing the legal framework, and digitizing services for insolvency cases. The section includes an analysis looking at leading countries to help inform the prioritization of reforms going forward. The report underscores that with strategic reforms and a commitment to modernization, Morocco has the potential to significantly enhance its business environment, fostering economic growth and creating a more inclusive job market. Distributed by APO Group on behalf of The World Bank Group.
Iraq Business
07-03-2025
- Business
- Iraq Business
IBBC Report "Is Iraq Business Ready?" Now Available in Arabic
From the Iraq Britain Business Council (IBBC): Now Available in Arabic: Professor Frank Gunter's Report "Is Iraq Business Ready?" The Iraq Britain Business Council (IBBC) is pleased to announce the release of the Arabic version of Professor Frank Gunter's report, which was presented at the IBBC Baghdad Conference on 17 February 2025. Titled "Is Iraq Business Ready?", the report provides a comprehensive analysis of the challenges facing Iraq's economy, emphasising the urgent need to expand the private sector, reduce dependence on oil, and address regulatory barriers that hinder investment and business growth. This Arabic edition reflects IBBC's commitment to making critical economic insights accessible to a wider audience, ensuring that policymakers and business leaders can benefit from Professor Gunter's analysis and recommendations. You can now download the Arabic version of the report here , and in English here .
