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Asian Economy: Overview, Growth & Development

ASIAN ECONOMY: OVERVIEW, GROWTH & DEVELOPMENT
Afghanistan ranked 173 in world bank’s ‘doing business’ index

The report states that based on the World Bank’s assessment, Afghanistan had no visible achievement in at least 7 indexes in the trade and business sectors.

Afghanistan was ranked 173 in the World Bank’s “Doing Business Report for 2019: Training for Reform” and received a score of 44.1. Last year the score was 47.7, and Afghanistan ranked 167 in the index.

According to the report, Afghanistan’s position has dropped by six points in this year’s index of doing business against last year.

The report states that based on the World Bank’s assessment, Afghanistan had no visible achievement in at least 7 indexes in trade and business sectors.

Meanwhile, officials from the Chamber of Commerce and Investment have said that this year investments enormously declined in the country and the government failed to provide investors with sufficient electricity.

“During the past one or two years, investors and businessmen, considering the unstable situation in the country, went to Turkey, and the move has had a negative impact on the country. Security threats were among the major challenges,” said Younus Momand, deputy head of the Chamber of Commerce and Investment.

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Indonesia misses ease of doing business target

Indonesia failed to improve its rank in the latest ease of doing business list issued by the World Bank, falling short of President Joko “Jokowi” Widodo’s promise to put the country in the top 40 this year.

The list, titled “Doing Business 2020,” has Indonesia in 73rd place out of 190 economies in the world, the same place as last year.

Jokowi made it his goal to put Indonesia in 40th place in the ranking by the end of his first term.

Poland took 40th place this year, right behind Portugal and Rwanda.

Singapore was second on the list behind New Zealand. Malaysia, Thailand and Vietnam were in 12th, 21st and 70th places respectively.

Jokowi made rapid progress to improve ease of doing business in Indonesia in the first three years of his administration, but little was improved in the past two.

Vietnam’s improving competitiveness: 2019 global competitive index

Vietnam’s business environment continues to improve according to the recently released 2019 Global Competitive Report produced by the World Economic Forum.

The report covers 141 countries accounting for 99 percent of global GDP. The report measures several factors and sub-factors, including institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labor market, financial system, market size, business dynamism, and innovation capability. A country’s performance is rated on a progressive score on a 1-100 scale, where 100 represents the ideal state.

The reported noted that despite a decade of low productivity, Vietnam with a rank of 67 improved the most globally and jumped 10 places from last year’s standings. It further added that East Asia is the most competitive region in the world followed by Europe and North America. Singapore came out on top, beating the US.

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Nepal makes notable improvement in trade and business, third highest in South Asia

Nepal has made significant improvement in the trade and business environment. As a result, it has become successful in taking the third position in South Asia in terms of this, a report has shown.

The Doing Business 2020 study report the World Bank Group released in Washington D.C., USA today states that Nepal is in the third place after India and Bhutan by making notable improvement in the doing business environment.

Many South Asian economies kept up a solid pace of business regulatory reforms as India and Pakistan both earned spots among the world’s top ten most improved economies, the World Bank Group’s Doing Business 2020 study says.

 

China’s business environment improving: world bank report

China is fast becoming one of the easiest places in the world to do business, according to the World Bank’s annual Doing Business report.

Released Thursday, the report ranked China 31st out of 190 countries and regions, up 15 spots from its previous ranking of 46th and among the top 10 improvers alongside Saudi Arabia, India, Nigeria, and others. The Doing Business project also ranked Hong Kong and Taiwan third and 15th, respectively, on the overall list.

The day before the report’s release, China’s Cabinet issued a regulation aimed at ensuring a “stable, fair, transparent, and predictable business environment.” Effective from next year, the regulation says it will guarantee equal market access, fair competition, and equal protections of businesses’ managerial autonomy and property rights. It also vows to streamline administrative procedures and cut taxes, fees, and red tape.

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Goyal lauds pm for ‘path breaking improvements’ in India’s biz environment

After India jumped 14 positions to be ranked 63rd in the World Bank’s ease of doing business, Union Minister Piyush Goyal on Thursday congratulated Prime Minister Narendra Modi for the “path breaking improvements” in the country’s business environment.

“India has jumped from 77th to 63rd rank in the Ease of Doing Business Rankings released just now by the World Bank.

India has remarkably improved in ease of doing business, reported World Bank in its ease of doing business 2020 survey. The country is placed in 63rd position among 190 countries.

According to the report issued by World Bank on Thursday, India appeared among the top 10 improvers for the third time in a row. The Bank lauded New Delhi for a “remarkable reform effort”.

“In economies on the list of 10 top improvers, leaders of India and China adopted the Doing Business indicators as a core component of their reform strategies,” said the World Bank.

It also praised Modi’s ‘Make in India’ campaign which focused on attracting foreign investment, boosting the private sector, manufacturing in particular, and enhancing the country’s overall competitiveness.

In India, the report said, the importing and exporting also became easier for companies with the creation of a single electronic platform for trade stakeholders, upgrades to port infrastructure and improvements to electronic submission of documents.

Last year, India was ranked 77th. In six years of the Modi government, India’s ranking improved 79 places from 142nd in 2014 to 63th in 2019, a record for a major economy.

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