B’desh moves up 2 notches in doing business ranking

Staff Correspondent | Published: 21:48, Oct 26,2016 | Updated: 22:56, Oct 26,2016

 
 

Bangladesh has advanced two notches to 176th, among 190 countries, from the revised 178th position of previous year’s ranking in the World Bank Group’s latest ranking on ease of doing business.
The WB on Tuesday released its flagship report titled ‘Doing Business-2017: Equal Opportunity for All’.
The multilateral lending agency revised the rank for Bangladesh for last year from the original position at 174th among 189 countries in doing business report published in October 2015.
Bangladesh’s improvement in ranking for this year happened mainly because of change in methodology and indicators of measuring the ease of doing business.
Bangladesh did not bring mentionable reforms making doing business easier rather it made paying taxes more complicated for companies by increasing the time it takes to prepare value-added tax and corporate income tax returns, the report said.
The country’s overall doing score, also called distance to frontier score, increased slightly to 40.84 from last year’s revised score of 40.68, out of 100, in ease of doing business ranking.
The distance to frontier score tells about the gap between an economy’s performance and global best practices.
The country was also ranked 7th, ahead of Afghanistan which was ranked 183rd, among the eight South Asian countries.
Bhutan was ranked first in the region and 73rd globally.
New Zealand was ranked first globally with DTF score of 87.01.
Pakistan was recognised one of the 10 best improvers in the year in terms of brining reforms in regulatory measures and secured 144th position in the ranking.
Among other South Asian countries, Nepal ranked 107th, Sri Lanka 110th, India 130th and the Maldives 135th in the ranking.
World Bank lead economist for Dhaka Zahid Hussain told New Age that there was no visible improvement or degradation in doing business environment in the country. The situation remained stagnant.
Inertia in reforms initiative for improvement in doing business is also prevailing in the country, he said, adding that there was no improvement in reforms compared to other countries.
Rather, the report showed that reforms in tax measures put negative impacts on businesses, he said.
According to the report, Bangladesh this year slipped down in some major sub-sectors of doing business index including starting a business, getting credit, protecting minority investors and paying taxes.
The report said that like the previous year, Bangladesh remained at as lowest as 189th in enforcing contracts and 187th in getting electricity in the doing business sub-index.
Like the previous year, businesses needed to wait 428.9 days and complete nine procedures for getting electricity, the report said.
Bangladesh has ranked down to 122 this year from 115 in last year in starting a business with no improvement in number of procedures and times.
There is a slight improvement in registering property index at 185th in the year against 186th in last year though the time, cost and procedures for registering property remained unchanged.
The country has slipped to 157th place from 152nd in getting credit rank and to 70th in protecting minority investors from 69th in last year.
The country has been downgraded to 151st in paying taxes this year from148th as time for tax returns preparation has been increased, the report said. 

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