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Belarus 44th in World Bank's Ease of Doing Business List

MINSK (BelTA) - Belarus is 44th in the World Bank's Doing Business 2016 out of 189 economies covered in the study, BelTA has learned.

According to the Doing Business 2015 report released in October last year, the country was ranked 57th. However, after the results of the previous reporting period were reviewed as the information was updated based on the additional materials and commentary submitted by the countries and also in connection with the changes in the methodology for assessing the indicators, it is formally considered that Belarus was 43rd in Doing Business 2015 rather than 57th.

Singapore remains a leader in the global ranking of the ease of doing business. The top 10 economies with the most business-friendly regulatory environments includes New Zealand, Denmark, the Republic of Korea, Hong Kong (China), the United Kingdom, the United States, Sweden, Norway and Finland.

Among the post-Soviet countries Estonia ranks the highest (16th). It is followed by Lithuania (20th), Latvia (22nd) and Georgia (24th). Armenia is 35th, Kazakhstan 41st, Russia 51st, Moldova 52nd, Azerbaijan 63rd, Kyrgyzstan 67th, Ukraine 83rd, Uzbekistan 87th, and Tajikistan 132nd.

On Doing Business 2016 Belarus takes the following positions (considering the adjusted results of the previous report): Starting a Company - 12th (39th in Doing Business 2015); Dealing with Construction Permits – 34th (34th); Getting Electricity – 89th (85th); Registering Property - 7th (6th); Getting Credit – 109th (105th); Protecting Minority Investors – 57th (54th); Paying Taxes – 63rd (60th); Trading Across Borders – 25th (25th); Resolving Insolvency – 69th (68th).

According to the Economy Ministry, the Doing Business 2016 data for Belarus includes two positive reforms. These are the reduction of time for registering property, rights to property and property transactions, with the possibility for an urgent one-day business registration (registering property) as well as the introduction of electronic state registration for economic entities (starting a business). The easing of doing business rules helped the country improve its starting a business rating by 27 points.