Search

World Bank: Brunei Named Most Improved Economy in the World

World Bank: Brunei Named Most Improved Economy in the World

 

Brunei Darussalam has been named the most improved economy in the world for the third year in a row in the World Bank’s Doing Business Report 2018, which was released Wednesday (1/11).

The World Bank report which measures the efficiency and regulatory environment of domestic businesses of 190 economies, records Brunei Darussalam jumping a significant 16 places to rank 56 worldwide; further narrowing the gap between Brunei and the top performing economy.

As quoted by The Jakarta Post, the Asia-Pacific region had the highest number of economies recording the greatest overall number of reforms making it easier to do business, where Brunei Darussalam and Thailand each implemented eight reforms. 

According to the report, Brunei has improved its ranking for the indicators on ‘Protecting Minority Investors’, ‘Getting Credit’, ‘Enforcing Contracts’ and ‘Starting a Business’.

Brunei Palace. Image: ADST
Brunei Palace. Image: ADST

According to a press release from the Ease of Doing Business Secretariat under the Energy and Industry Department at the Prime Minister’s Office, the significant improvements in Doing Business rankings over the past four years reflect the serious commitment of Sultan Hassanal Bolkiah's government towards creating a Pro-Business environment that would enable further diversification of the country’s economy.

“We will work together with the private sectors and other government agencies to work out the appropriate solutions that are actionable, time-specific, and ambitious,” said Brunei’s Minister of Energy and Industry, Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Awang Haji Mohammad Yasmin bin Haji Umar as reported by Inquirer.

The Asia-Pacific region had the highest number of economies recording the greatest overall number of reforms making it easier to do business, where Brunei is positioned at 11th, behind South Korea (3) and Japan (9); and ahead of rising Asian powerhouse, China at 18th; as well as India at 19th.

 

Indah Gilang Pusparani

Indah is a researcher at Badan Perencanaan Pembangunan Penelitian dan Pengembangan Daerah Kota Cirebon (Regional Development Planning and Research Agency of Cirebon Municipality). She covers More international relations, tourism, and startups in Southeast Asia region and beyond. Indah graduated from MSc Development Administration and Planning from University College London, United Kingdom in 2015. She finished bachelor degree from International Relations from University of Indonesia in 2014, with two exchange programs in Political Science at National University of Singapore and New Media in Journalism at Ball State University, USA. She was awarded Diplomacy Award at Harvard World Model United Nations and named as Indonesian Gifted Researcher by Australian National University. She is Researcher at Regional Planning Board in Cirebon, West Java. She previously worked as Editor in Bening Communication, the Commonwealth Parliament Association UK, and diplomacy consulting firm Best Delegate LLC in USA. Less
View all posts

Terima kasih telah membaca sampai di sini