World Bank Group Launches Business Ready (B -READY) Project
The Business Ready project offers a more balanced and transparent way of assessing a country’s business and investment climate. Also, it makes it ready for the dynamic private sector.
Business Ready is actually an improvement on the World Bank Group’s earlier “Doing Business Project” and replaces it.
The World Bank has stopped issuing the Doing Business Report from 2021. The report was accused of manipulating the rankings of China, Saudi Arabia, the United Arab Emirates and Azerbaijan.
B -READY Project
- This project will focus on ten themes encompassing the existence cycle of a firm.
- These ten topics are – Entry into Business, Place of Business, Utility Services, Labour, Financial Services, International Trade, Taxation, Dispute Resolution, Market Competition and Business Insolvency.
- The first report will be published in 2024. It will cover 54 economies. It will be expanded to cover 180 economies by the year 2025-26.
Benefits of Business Ready Project:
It will help attract private investment, generate employment opportunities, and improve productivity in an inclusive and sustainable manner.
Doing Business Project
- It prepared reports based on the perspective of only a few individual firms.
- Some of its parameters were based on statutory laws and regulations (de jure info) and some parameters were based on practical implementation (de facto info).
- In this, the data and calculation process were kept opaque.
- In this, only the major commercial city of an economy was included.
Business Ready Project –
- This will be based on an assessment of the entire private sector’s approach to development.
- All parameters will be based on both statutory laws and regulations and practical implementation.
- All data collected and the calculation method used will be published to ensure transparency.
- Many cities of an economy can be included.
Source – World Bank
