Brunei Darussalam was named the world’s best-improving economy for the third consecutive time within the World Bank’s Doing Business 2018 report, released on Wednesday (January 11).
This World Bank Report which measures the efficiency and regulatory environment of domestic businesses in 190 economies, sees Brunei Darussalam rise significantly by 16 places to 56th in the worldwide rating, further closing the gap between Brunei and the best-performing economy.
As quoted Jakarta Post, The Asia-Pacific region had probably the most economies that recorded the best combined variety of reforms to make it easier to do business, with Brunei Darussalam and Thailand implementing eight reforms each.
According to the report, Brunei improved its rating in the indications “Protecting Minority Investors”, “Getting Credit”, “Enforcing Contracts” and “Starting a Business”.
According to a press release from the Ease of Doing Business Secretariat, which is an element of the Department of Energy and Industry within the Office of the Prime Minister, the numerous improvement within the Doing Business rankings over the past 4 years reflects the intense commitment of the federal government of Sultan Hassanal Bolkiah to creating an enabling environment for entrepreneurship that will further diversify the country’s economy.
“We will work with the private sector and other government agencies to develop appropriate solutions that are feasible, timely and ambitious,” said Brunei Energy and Industry Minister Pehin Datu Singamanteri Colonel (Retired) Dato Seri Setia (Dr) Awang Haji Mohammad Yasmin bin Haji Umar, in keeping with Inquirer.
The Asia-Pacific region boasts the biggest variety of economies which have implemented probably the most reforms to make it easier to do business, with Brunei in eleventh place, behind South Korea (third) and Japan (ninth), and ahead of emerging Asian power China (18th) and India (nineteenth).
