World Bank to Introduce New Transparent and Robust Rankings for Business Climate
The World Bank is set to release a new and more robust methodology for evaluating the business climate in up to 180 countries. The announcement follows the cancellation of the Doing Business rankings two years ago after revelations of data irregularities and bias towards China.
The new annual series, called “Business Ready,” aims to help countries attract investment and boost jobs and productivity to accelerate development. The first pilot edition of the report will cover 54 economies in Asia, Latin America, Europe, the Middle East, and Sub-Saharan Africa, and subsequent reports adding more countries will follow in the next two years as the bank refines its methodology.
The new approach, shaped by recommendations from World Bank experts, governments, the private sector, and civil society groups, includes for the first time worker rights, as defined by the International Labor Organization. The project focuses on 10 topics covering the lifecycle of a firm, including business entry, utility services, labor, dispute resolution, market competition, taxation, and insolvency. The bank will also make available all data collected for the project to ensure full data transparency.