Economy regains momentum, moves 6 places in latest World Bank report

02 November, 2018, 18:05 | Author: Corey Lynch
  • India is now at 77 on the World Bank’s ease of doing business climbing 23 places

New Zealand, Singapore, Denmark, Hong Kong and Korea ranked top five in the world.

"The country performs best in the areas of enforcing contracts, with a global rank of 19, and protecting minority investors [26th place]".

On other key parameters such as access to electricity and to credit, cross-border trading, tax payments, contract enforcement, etc, India is among the top 25 countries in the world.

"These efforts have had transformative and positive effects on the judicial system as a whole, but also in the areas of commercial litigation and insolvency specifically", the report said. "But there has been a record improvement in ranking", Jaitley added.

The report measures progress of economic reforms in only two cities including Delhi and Mumbai.

According to the report published Wednesday, Turkey received 74.33 points out of 100, improving 4.34 points since past year.

The bank said during the past year, starting a business was made easier by enhancing the online one-stop registration system, replacing several forms for incorporation with a single application, and establishing information exchange between the registry and the tax authority.




Four of the region's economies have earned coveted spots in this year's global top improvers, Togo, Kenya, Côte d'Ivoire, and Rwanda.

"We demand that the World Bank review the Philippines' rating, and make a correction immediately given our country's increases in the Ease of Doing Business (EODB) scores, which was, unfortunately, offset by the grossly inaccurate and understated findings in the Getting Credit indicator of the Report", the statement read.

In Resolving insolvency, Pakistan made it easier by introducing the reorganization procedure and improving the continuation of the debtors business during insolvency proceedings.

Suresh Prabhu, Commerce Minister, attributed the improvement in the ranking to the collaborative effort by the state and central government.

During the first half of 2018, they said, China introduced reform measures to streamline its construction permitting process by implementing unified platforms for all building review processes in Beijing and Shanghai. It does not help to be self-congratulatory when China made a huge jump from 78th to 46th place in the global rankings of ease of doing business.

"Trading across borders was made more hard by increasing the number of inspections for importing, thereby increasing the average time for border compliance", the report said. "At just five days, it is four times faster to register a property transfer in Turkey than in the region". The latest reform initiatives included electronic submission of documents and upgrading of port infrastructure.

The report, "Doing Business 2019: Training for Reform", released on Wednesday night showed the Philippines, represented by Quezon City, garnering a score of 57.68 from a possible flawless score of 100.

Recommended:

  • Trump says no other country has birthright citizenship. That’s not true

    Trump says no other country has birthright citizenship. That’s not true

    Trump and Ryan have clashed in the past, but mostly the two Republicans have had a functional working relationship. Trump says White House lawyers are reviewing his proposal.
    Ninth death reported at pediatric center amid viral outbreak

    Ninth death reported at pediatric center amid viral outbreak

    Both the staff at the facility as well as state authorities are continuous in the efforts to contain the spread of the virus. A ninth child has died in an adenovirus outbreak at a New Jersey rehabilitation center, state health officials said Sunday.
    IPad Pro 2018 design revealed by leaked icon from iOS 12

    IPad Pro 2018 design revealed by leaked icon from iOS 12

    A USB-C connector for charging and syncing data, the first time Apple is bringing this charging standard to its iOS devices. As for the desktops, it would make the most sense if there was one new 21-inch iMac, a new 27-inch iMac, and a Mac Mini .
  • MOH: 80 Palestinians injured during naval march in Gaza

    MOH: 80 Palestinians injured during naval march in Gaza

    Al-Qedra said that since the start of the marches, the Israeli army forces have killed 217 Palestinians and wounded 23,000 others. The incident occurred with tensions high along the border after months of protests and clashes.
    Roger Federer wins Swiss Indoors in Basel for 99th career title

    Roger Federer wins Swiss Indoors in Basel for 99th career title

    The 28-year-old outsider fired 26 aces, with his impenetrable service game laying the basis for a surprise win. The Romanian aims for a first title after arriving at Basel without a career win over a top-10 opponent.
    You could pre-order the OnePlus 6T in Malaysia next week

    You could pre-order the OnePlus 6T in Malaysia next week

    Under the hood will be a Qualcomm Snapdragon 845 SoC paired with 6GB / 8GB RAM options, and 128GB / 256GB storage options. Following its global launch in NY , the company will introduce the smartphone for the Indian market on October 30.
  • Urjit Patel may resign as Jaitley’s remarks widen RBI-govt rift

    Urjit Patel may resign as Jaitley’s remarks widen RBI-govt rift

    Public sector banks: Following the Nirav Modi-Punjab National Bank case, the RBI and Centre began pointing fingers at each other. But it was unclear if it had used powers for the first time under the RBI Act to give the bank instructions.
    Bomb suspect set for Florida court appearance

    Bomb suspect set for Florida court appearance

    U.S. justice department officials said the bombs were "not hoax devices " and warned there could be more still undiscovered. According to a 2012 bankruptcy petition filed in Miami , Sayoc resided at the time at his mother's home .

    Merkel to stand down as CDU leader, stay German Chancellor

    Her CDU party and SPD coalition won the election but haemorrhaged support leaving the partnership teetering on a knife-edge. In 2015, Germany accepted more than one million refugees under circumstances the Chancellor described as "extraordinary".
  • Golden Tate confirms Lions dealt him to Eagles

    Golden Tate confirms Lions dealt him to Eagles

    Tate's new quarterback also took to Twitter to express his excitement about the move. Patricia: "I'm asking just to be a little respectful in this whole process".
    Pakistan beats Australia to secure clean sweep Twenty20 series win

    Pakistan beats Australia to secure clean sweep Twenty20 series win

    Australia's batting line-up never recovered from being bowled out for 89 in the first game. Sarfraz said the series win was "a reward for hard work".
    OnePlus 6T Revealed With 16MP+20MP Camera, Big Screen & Nightscape Mode

    OnePlus 6T Revealed With 16MP+20MP Camera, Big Screen & Nightscape Mode

    The cameras remain the same but the company has added a couple of software enhancements to improve low-light and portrait photos. Running Android 9.0 Pie out of the box, the smartphone will be offered in 3 variants - 6GB+128GB, 8GB+128GB and 8GB+256GB.


Popular

Khashoggi's body was 'dissolved' after murder: Erdogan advisor
The two sides discussed a wide range of topics including Israel, Palestine and Saudi Arabia's relations with the US. A Saudi national and well-known critic of Saudi rulers, Khashoggi was killed and his body dismembered on 2 October.

WWE picked a hell of a time to bring back Hulk Hogan
Hogan had been reinstated into the WWE Hall of Fame back in July, following a three-year ban from the company. WWE has operated in the Middle East for almost 20 years and has developed a sizeable and dedicated fan base.

Nintendo announces final two characters of 'Super Smash Bros. Ultimate'
The Pokémon franchise's Incineroar will join the game as the Echo Fighter for Ryu. A Fighters Pass will give players access to all five characters.

Vermont Law School Professor Blows Whistle on Scheme Targeting Mueller
Ms Taub said she found the email , a copy of which was seen by Reuters, to be "creepy" and forwarded it to Mr Mueller's office. Peter Carr , a spokesman for the special counsel's office, confirmed that the matter has been referred to the bureau.

Royal couple to jet off after Pacific tour
She also gave Meghan a letter thanking her for her support, which the Duchess promised to read, Hannah added. Hannah was so overwhelmed by seeing Meghan that she had to be comforted by the Prime Minister.

Trump to end right to citizenship for US-born babies
He adds, that while the president certainly could sign an executive order it wouldn't withstand a court challenge. Birthright citizenship allows any baby born on USA soil to automatically be a US citizen.

Nintendo Switch Just Outsold Gamecube's Lifetime Sales
If any first-party Nintendo title in the world were to boost the Switch into Wii-like numbers, I think it'd be that one. Nintendo revealed that its Nintendo Switch console has sold 22.86 million units worldwide as of September 30.

Khashoggi killing undermines regional stability of Middle East, Mattis says
Hatice Cengiz, who is Turkish, said she would never have planned to marry the journalist had she known it would lead to his death. The worldwide outcry over the killing of journalist Jamal Khashoggi has become "hysterical", a top Saudi official has said.

Records Show Governor Candidate Gillum Got ‘Hamilton’ Ticket From Undercover FBI Agent
Meanwhile DeSantis followed the tried-and-tested Trump attack lines - hitting out at Gillum for being soft on crime and wanting to abolish ICE.

Voting starts in Afghanistan's southern Kandahar amid tight security
Ibrahimi said 111 candidates were vying for 11 seats in Parliament from southern Kandahar in Afghanistan's 249-seat chamber. Police said the suicide bomber was on foot and detonated the explosives near the gate of the offices.