World Bank's Revamped Business Ready Survey Ranks Top Economies

The World Bank has launched its 'Business Ready' report, replacing the controversial 'Doing Business' rankings. Covering 50 economies, the survey measures regulations, public services, and operational efficiencies. With an average score of 65.5% for regulations, Hungary leads, while Estonia excels in public services and Singapore in operational efficiency.

The World Bank has officially unveiled its new survey titled 'Business Ready,' which aims to assess the business climate across 50 economies post the turmoil of its previous 'Doing Business' rankings. This revamped survey focuses on key sectors such as regulatory quality, public service effectiveness, and operational efficiencies, providing a more comprehensive measure of a country's business environment.

Avoiding past pitfalls, this year's report emphasizes scores over rankings, with Hungary, Estonia, and Singapore emerging as leaders in various sectors. While Hungary leads in regulatory framework, Estonia tops public services and Singapore shines in operational efficiency. Notably, the survey excluded countries previously shrouded in scandal-related influences.

The World Bank plans to expand next year's survey to 110 economies and eventually to 180 by 2026. This broad approach includes low, middle, and high-income economies worldwide, highlighting encouraging performances from nations like Rwanda. Enhanced protocols have been introduced to ensure the integrity and transparency of data collection and analysis.

(With inputs from agencies.)