Russia has actively engaged with the World bank and consistently carried out business regulations reform as revealed by improvements in its Doing Business report scores, Hulya Ulku, a senior economist at the World Bank's Development Economics Vice Presidency, told Sputnik
WASHINGTON (Pakistan Point News / Sputnik - 16th May, 2019) Russia has actively engaged with the World bank and consistently carried out business regulations reform as revealed by improvements in its Doing Business report scores, Hulya Ulku, a senior economist at the World Bank's Development Economics Vice Presidency, told Sputnik.
"Russia has been implementing continuous reforms in different areas of Doing Business, improving its regulatory business environment and Doing Business scores," Ulku said. "Russia also has efficient regulatory processes in registering a commercial property, as measured by Doing Business, with a score of 88.7/100 on the registering property indicator in 2018."
The World Bank's annual Doing Business report evaluates business regulations and their enforcement in 190 economies across the world.
Ulku said among the ten indicators in the Doing Business 2019 Report, Russia achieved highest scores in getting electricity (94 out of 100) and starting a business (93/100).
The scores suggest the gap between the efficiency of connecting to an electricity grid and registering a business in Russia and the best regulatory performances in these areas has been narrowing.
Ulku also pointed out that Russia achieved high scores of above 70/100 for four additional indicators - obtaining credit, paying taxes, trading across borders and enforcing contracts. The scores suggest Russia is doing quite well with respect its proximity to the best regulatory performers.
"For example, in getting credit indicator of Doing Business, Russia has 80 out of 100, meaning that it's only 20 percentage points away from the frontier score. On paying taxes it's 79.8," Ulku said.
Russia ranked 31st in 2018 in the World Bank's Doing Business 2019 report, up from 35th in 2017 thanks to an improved regulatory environment for small and medium-sized enterprises.
In May 2012, Russian President Vladimir Putin issued decrees instructing the government to take measures to improve Russia's position in the rating, resulting in significant move forward from the ranking 120th in 2011 to 50th in 2015 and 20th in 2018.
Ulku spoke to Sputnik on the sidelines of the Doing Business with the BRICS Conference organized by the Eurasia Center and the Eurasian Business Coalition. The seventh annual conference brought together various experts and officials from Brazil, Russia, India, China and South Africa to discuss ways to expand trade, direct investments and business opportunities.
