Washington D.C., October 20, 2011—A
new report from IFC and the World Bank finds that 17
of 32 economies in Latin America and the Caribbean implemented regulatory
reforms in the past year to make doing business easier for local entrepreneurs.
Chile, Peru, Colombia, and Mexico remain in the lead in improving business
regulations in the region, with new technologies playing a key role in
improving transparency and access to information across the region.
Released today, Doing Business 2012:
Doing Business in a More Transparent World assesses regulations affecting
domestic firms in 183 economies and ranks them in 10 areas of business
regulation, such as resolving insolvency and trading across borders. This
year, the rankings on ease of doing business were expanded to include indicators
on getting electricity connections.
The report shows Chile as the regional
leader in the ease of doing business, ranking 39thglobally.
Chile improved by introducing immediate temporary operating licenses
for new companies and launching an electronic data interchange system for
trade. Peru, which ranks 41st, strengthened investor protections and abolished
the start-up capital requirement for small businesses.
Colombia is among the top 12 economies
worldwide that have improved the ease of doing business the most in 2010/2011.
Colombia, ranked 42nd, made it easier to start a business, pay
taxes, and resolve insolvency.
Over the past six years, Colombia, Mexico,
and Peru have been among the 40 economies worldwide that have done the
most to improve their regulatory environments for entrepreneurs. This year,
Mexico continued its consistent efforts to improve regulation for businesses
by easing the administrative burden of paying taxes, enhancing access to
credit, and easing the process of getting construction permits, and improved
in the global rankings to 53.
“Governments in Latin America and the
Caribbean continue to adopt new technologies to make life easier for local
businesses,” said Augusto Lopez-Claros, Director, Global Indicators and
Analysis, World Bank Group. “They have made it easier to pay taxes, get
credit, trade across borders, and register property.”
Five of the seven regional economies
that made paying taxes easier did so by improving electronic filing systems.
Paraguay and Uruguay improved their credit information systems by introducing
online platforms allowing access to credit reports for financial institutions.
Technology supported trade reforms in Chile and Honduras.
“Economic activity is supported by
rules that increase efficiency and transparency and are accessible to all,”
said Sylvia Solf, lead author of the report. New data show that governments
around the world are making use of new technologies to facilitate access
to relevant information and increase transparency in business regulation.
In Latin America, 25 economies make documentation requirements for trade
available either online or via public notices. Transparency and efficiency
often go hand-in-hand. Globally, trade processes are on average twice as
fast in economies where documentation requirements are easily accessible.
About the Doing Business report
Doing Business analyzes regulations
that apply to an economy’s businesses during their life cycle, including
start-up and operations, trading across borders, paying taxes, and resolving
insolvency. The aggregate ease of doing business rankings are based on
10 indicators and cover 183 economies. Previous year’s rankings are back-calculated
to account for the addition of new indicator(s), data corrections, and
methodology changes in existing indicators so as to provide a meaningful
comparison with the new rankings. Doing Business does not
measure all aspects of the business environment that matter to firms and
investors. For example, it does not measure security, macroeconomic stability,
corruption, the level of skills, or the strength of financial systems.
Its findings have stimulated policy debates in more than 80 economies and
enabled a growing body of research on how firm-level regulation relates
to economic outcomes across economies.
For more information about the Doing
Business report series, please visit: www.doingbusiness.org.
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About the World Bank Group
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; 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. For more information, please
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