The World Bank on Tuesday released an annual report on conditions for doing business in 183 countries of the world, in which Croatia ranked 103rd. Among the 27 countries of the Eastern Europe and Central Asia region, Croatia placed 21st.
The Doing Business 2010 report said that a record 131 economies around the globe reformed business regulation in 2008/09, or 70 per cent of the 183 economies covered by the report.
The Eastern Europe and Central Asia region was particularly active in reforms, with 26 of the 27 countries having reformed their legislation in order to create more opportunities for domestic companies.
During the reporting period, Croatia reformed only one of the 10 monitored areas. "Croatia eased the process for getting construction permits by opening a one-stop shop and through enforcement of the building code," the report says.
Despite the fact that in terms of the ease of doing business Croatia ended up in the lower half of the rankings, Croatia made certain progress compared to the 2009 report, where it ranked 106th among 181 countries. In 2008, it placed 107th.
This year the rankings were topped by Singapore, followed by New Zealand, Hong Kong, the United States, Great Britain, Denmark, Ireland, Canada, Australia and Norway.
OECD (Organisation for Economic Cooperation and Development) countries had the most favourable business regulations, with an average rating of 30. They were followed by countries from Eastern Europe and Central Asia with an average rating of 71.
The top reformer in the Eastern Europe and Central Asia region was Georgia, which ranked 11th globally. It was followed by Estonia, Lithuania, Latvia, Macedonia, Azerbaijan, Cyprus, Kyrgyzstan, Armenia and Bulgaria.
Macedonia ranked among the world's leading reformers, having reformed regulations in seven of the 10 areas.
Slovenia ranked 11th in the region and 53rd in the world, Montenegro 15th in the region and 71st in the world, Albania 18th in the region and 82nd in the world, and Serbia 19th in the region and 88th in the world.
Behind Croatia were Kosovo (22nd in the region and 113th in the world) and Bosnia-Herzegovina (23rd in the region and 116th in the world).
The last four spots of the regional rankings were occupied by Russia (24th in the region and 120th in the world), Ukraine, Uzbekistan and Tajikistan.
The Democratic Republic of Congo and the Central African Republic finished at the bottom of the global rankings.
"Doing Business 2010" is the seventh annual report by the World Bank and its International Financial Corporation (IFC). It ranks economies based on 10 indicators of business regulation that record the time and cost to meet government requirements in starting and operating a business, trading across borders, paying taxes, and closing a business.
The 10 indicators are: starting a business, dealing with construction permits, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business.
Doing Business does not measure all aspects of the business environment that matter to firms and investors. For example, it does not measure security, macroeconomic stability, corruption, skill level or the strength of financial systems.
Source: HINA