Singapore held on to top spot in the World Bank’s annual rankings, which measure financial regulations and the ease of doing business across the globe.
Singapore topped the list of 189 economies with the World Bank highlighting the ease of getting permits, the enforcement of contracts and the protection of minority owners as major reasons for Singapore’s ranking.
The Doing Business report, released in Bangkok Wednesday, also praised the reforms of several economies in Sub-Saharan Africa and Central Asia citing Rwanda, Uganda, Kenya, Uzbekistan and Kazakhstan as some of the highest climbers.
Sanction-hit Russia was also among the countries that improved its business sector significantly, climbing 11 spots to 51 on the list.
According to the report, Russia implemented the third-highest number of reforms in its business sector, specifically in the registration of property and transparency of tariffs.
In Asia, China and India both continued to improve their business environments albeit from a low baseline, climbing several spots to 84 and 130, respectively.
China was praised for the strides it had made in the last 12 years especially in simplifying the tax payment system for businesses.
India was the highest climber in South Asia, going up by 4 places. The report cited business policies introduced by Prime Minister Narendra Modi which eased the restrictions in starting new businesses.