Good News: Pakistan Biggest Improver in World Bank’s Index.
Pakistan appeared as one of the biggest improvers in World Bank’s latest Ease of Doing Business Index 2020, jumping up 28 places on the index and sitting on the 108th position, as compared to 136th rank by the last year. Pakistan was also among the most striking furtherance in Doing Business 2020, sitting alongside Saudi Arabia, Jordan, China, and Nigeria.
The key to attain perfection is to cut the bureaucracy hindering business activities in the name of various regulations and procedures.
The World Bank monitors a country’s business related regulations on 10 benchmarks that are as broad as from starting a business, to getting electricity connection, securing construction permits, paying taxes, dispute resolution, business insolvency and protecting minority shareholders’ rights. All these areas are closely looked at by the global investors before they take decisions on making investment.
The report measures how close each economy is to the best global practices in business regulations. On the measure of absolute progress towards best practices, Pakistan has improved the score to 61 from 55, suggesting the country did some remarkable work this time around and built on the reforms introduced in the previous year as well.
Pakistan have took a great step towards trading across borders easier by enhancing the integration of various agencies in the Web-Based One Customs (WEBOC) electronic system and coordinating joint physical inspections at the port.
Going forward, Pakistan has other opportunities for improvement in the areas measured by Doing Business. For example, on enforcing contracts, the country ranks 156th. It takes 1,071 days to resolve a commercial dispute in Pakistan, almost twice the average among OCED high-income economies.