News

2016-01-09 22:33:49

World Bank notes Cyprus improvement

The World Bank on Wednesday listed Cyprus amongst 10 countries with improving economies, opening it up to new investment. The favourable Doing Business 2016 report said Cyprus had moved up 13 places to become one of the top ten most improved countries in terms of economic and business reforms making it easier to invest in the country. “The world’s top 10 improvers, i.e. economies that implemented at least three reforms during the past year and moved up the rankings scale, are Costa Rica, Uganda, Kenya, Cyprus, Mauritania, Uzbekistan, Kazakhstan, Jamaica, Senegal, and Benin,” the report said. Cyprus is considered at the top of the three European and Central Asian countries to show an improvement, ahead of Uzbekistan, and Kazakhstan. Cyprus specifically showed improvements in the sectors of getting electricity, getting credit, paying taxes, enforcing contracts, and resolving insolvency. Economies are ranked on their ease of doing business, from 1–189. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each consisting of several indicators, giving equal weight to each topic. The rankings for all economies are benchmarked to June 2015. The Doing Business 2016 report said that countries that had made at least three reforms were in the most improved category. The manager of the Manager of the Doing Business project, Rita Ramalho, commented: “It is heartening to see so many economies, particularly low-income economies and fragile states, undertaking reforms to improve the business environment for local entrepreneurs. In time, this can result in increased job creation, economic growth and greater prosperity for their people.” Meanwhile, the 10 countries that have the best overall climate for attracting business, according the report, are Singapore, New Zealand, Denmark, Republic of Korea, Hong Kong SAR, China, United Kingdom, United States, Sweden, Norway, and Finland.