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’.
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.