World Bank: Record 131 Economies Reformed Business Regulation In 2008/09

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A record 131 economies around the globe reformed business regulation in 2008/09, a World Bank report showed Wednesday.

That is more than 70% of the 183 economies covered by the bank's "Doing Business 2010" report, the largest share in any year since the annual report was first published in 2004.

The international lender recorded 287 reforms between June 2008 and May 2009, up 20% from the previous year.

The World Bank said Rwanda is the world's top reformer of business regulation. This is for the first time a Sub-Saharan African economy has jumped to such a position in the World Bank study.

According to the report, Singapore, a consistent reformer, is the top-ranked economy on the ease of doing business for the fourth year in a row. New Zealand ranks after Singapore.

Further, the World Bank learned that most of the action occurred in developing economies. Two-thirds of the reforms recorded in the report were in low- and lower-middle-income economies, it said.

Reformers were particularly active in Eastern Europe and Central Asia and the Middle East and North Africa, the report said.

A record 131 economies around the globe reformed business regulation in 2008/09, a World Bank report showed Wednesday. That is more than 70% of the 183 economies covered by the bank's "Doing Business 2010" report, the largest share in any year since the annual report was first published in 2004. (Market News Provided by RTTNews)