SA drops 2 places on World Bank index for doing business

Johannesburg – South Africa has lost two places in the World Bank 2011 Doing Business Index, released on Thursday.

The country is now placed 34th out of 183 economies.

“As with other indices issued of late, South Africa has not lost place as a result of declining scores, but rather as a result of other economies improving at a more rapid rate,” Brand South Africa said in its comments on the index.

The Ease of Doing Business Index is an index created by the World Bank using empirical research to justify its work by showing the effect of improving regulations on economic growth.

Higher rankings indicate better, usually simpler, regulations for businesses and stronger protection of property rights.

Singapore retained the top ranking on the ease of doing business this year, followed by Hong Kong SAR (China), New Zealand, the United Kingdom, the United States, Denmark, Canada, Norway, Ireland and Australia.

In sub-Saharan Africa, Mauritius finished in front of South Africa in 20th place.

Other sub-Saharan companies were further down the list with Botswana coming in at no 52, Rwanda at 58, Ghana at 67, Namibia at 69, Mozambique at 126 and Tanzania at 128.

Zimbabwe made it into 157th place.

“South Africa’s consistent ratings are underpinned by improvements in areas such as closing a business, where we are up three places to 74; as well as in enforcing contracts where we improved one position to 85, from 86.

“In contrast to this, South Africa lost ground in areas such as starting a business, registering a company and trading across borders,” said Brand South Africa CEO Miller Matola.

He added that efforts to promote South Africa’s reputation as a globally competitive investment destination remained top of his organisation’s agenda.

source: http://m.news24.com/fin24/Economy/SA-drops-in-World-Bank-index-20101111

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