Bahrain Among Top 20 Most Improved Global Economies

Published October 1st, 2019 - 09:00 GMT
Bahrain introduced dedicated venues to resolve commercial disputes with electronic service of process
Bahrain introduced dedicated venues to resolve commercial disputes with electronic service of process. (Shutterstock)
Highlights
As per the World Bank, Bahrain implemented a comprehensive reform programme

Bahrain has been ranked among top 20 most improved global economies in an assessment by the World Bank.

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The ‘Top-20 Improvers in Doing Business 2020’ list released ahead of the Doing Business 2020 report to be launched on October 24, includes 20 economies which have improved the most on ease of doing business across 10 different regulatory areas.

As per the World Bank, Bahrain implemented a comprehensive reform programme, making it easier to do business in nine of the 10 areas included in the ease of doing business ranking (all but starting a business).

As part of its Economic Vision 2030, Bahrain deployed new scanners at the King Fahad Causeway and established differentiated lanes for border crossing, introduced a new electronic system for property registration, adopted a new law on insolvency that gives the option of filing for reorganisation and protections for secured creditors during an automatic stay in reorganisation proceedings.

Bahrain also introduced dedicated venues to resolve commercial disputes with electronic service of process, said the assessment.

Commenting on the achievement, Industry, Commerce and Tourism Minister Zayed Alzayani expressed his congratulations to the wise leadership.

“Bahrain has always been at the forefront of providing an investment climate conducive to stimulating the private sector and the government actions are aimed at diversifying sources of income and supporting the national economy.

“This achievement is an actual translation of the efforts made by ‘Team Bahrain’ as a whole including all ministries and government institutions, of which the ministry is honoured to be an active member,” he added.

Mr Alzayani said Bahrain’s inclusion in the list is based on evaluation of a number of vital indicators of commercial activities, including the ease of starting a business, registering ownership and access to credit, protecting the rights of minority investors, as well as cross-border trade, and also legal and administrative mechanisms to address the problems of financial insolvency, and others.

The other 19 countries in alphabetical order are: Azerbaijan, Bangladesh, China, Djibouti, India, Jordan, Kenya, Kosovo, Kuwait, Kyrgyz Republic, Myanmar, Nigeria, Pakistan, Qatar, Saudi Arabia, Tajikistan, Togo, Uzbekistan and Zimbabwe.

Economies were selected based on the number of reforms and on how much their ease of doing business score improved.

First, the World Bank’s Doing Business Index selected the economies that implemented reforms making it easier to do business in three or more of the 10 areas included in this year’s aggregate ease of doing business score.

Regulatory changes making it more difficult to do business were subtracted from the number of those making it easier.

Second, it sorted these economies on the increase in their ease of doing business score due to reforms from the previous year (the impact due to changes in income per capita and the lending rate is excluded).

The improvement in their score is calculated not by using the data published in 2018 but by using comparable data that capture data revisions and methodology changes when applicable.

The choice of the most improved economies is determined by the largest improvements in the ease of doing business score among those with at least three reforms.

avinash@gdn.com.bh

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