The World Bank Group on Wednesday reported that governments around the world implemented 314 business reforms in 2018 as against the previous 290 reforms carried out two years ago.
The multilateral financial institution in its reforms report titled ‘Doing Business 2019’ stated that with the reforms, governments around the world set a new record in bureaucracy busting efforts for the domestic private sector when compared with the level of reforms in previous years.
According to the bank, the reforms carried out in 128 economies, benefitted mostly small and medium enterprises (SMEs) as well as entrepreneurs, enabling job creation and stimulating private investment.
The World Bank Group noted that this “year’s reforms surpass the previous all-time high of 290 reforms two years ago.”
Reflecting on the report findings, the World Bank Group President, Jim Yong Kim, maintained that “the private sector is key to creating sustainable economic growth and ending poverty around the world.
“Fair, efficient, and transparent rules, which Doing Business promotes, are the bedrock of a vibrant economy and entrepreneurship environment. It’s critical for governments to accelerate efforts to create the conditions for private enterprise to thrive and communities to prosper”, he added.
