World Bank Unveils 'Business Ready' Report Revamping Investment Climate Assessments

The World Bank introduced its 'Business Ready' report to assess the business climate of 50 economies, replacing its previous 'Doing Business' rankings. This move aims to prevent past data manipulation issues and focuses on the quality of regulations, public services, and operational efficiencies, with countries like Singapore and Estonia leading in various categories.

The World Bank unveiled a new report titled 'Business Ready', intended to revamp how it assesses the business climates of countries. This introduction comes after the discontinuation of the scandalous 'Doing Business' rankings in 2021, owing to data manipulation concerns.

The 'Business Ready' report evaluates 50 economies across three main criteria: regulatory quality, efficiency of public services, and operational effectiveness. Notably, Hungary, Estonia, and Singapore have topped the categories, shedding the previous emphasis on country rankings in favor of scoring systems.

Next year, the survey will expand to 110 economies, broadening its reach to include both the United States and China. The bank emphasizes data transparency and has implemented stringent protocols to avoid manipulation, advocating a fair business environment assessment for all regions.

(With inputs from agencies.)