Shaping the Future of Business: How the New B-READY Report Redefines Global Investment Climates

The World Bank Group’s Business Ready 2024 report, commonly known as B-READY, replaces the Doing Business project with a more comprehensive evaluation of the global business environment. The report benchmarks 50 economies based on their regulatory frameworks, public services, and operational efficiency, emphasizing private sector development and sustainability. This first edition of the report marks the start of a three-year rollout, with insights geared towards fostering reforms that support both businesses and the broader societal interests of workers, consumers, and the environment. As the global economy grapples with challenges like slowing investment, B-READY aims to guide economies towards sustainable growth.

Redefining Global Business Environments: B-READY 2024’s Fresh Approach

The global business landscape is undergoing rapid transformation, and so is the way we measure and evaluate business environments. Enter the Business Ready 2024 (B-READY) report, the World Bank’s newest initiative, aimed at offering a fresh perspective on the global investment climate. This latest report has replaced the long-standing Doing Business project, providing a more comprehensive and nuanced approach to assessing the factors that drive private sector growth.

The Business Ready 2024 report takes a step beyond focusing solely on the ease of doing business. Instead, it evaluates economies based on three key pillars—Regulatory Framework, Public Services, and Operational Efficiency—while examining the broader social and environmental impact of business development. This year’s report covers 50 economies, setting the stage for an expansion to include up to 180 economies by 2026.

Moving Beyond Business as Usual

For years, the Doing Business report was a central resource for policymakers and investors to gauge the ease of doing business in various economies. However, the new B-READY report has broadened the lens, integrating not only firm-level growth but also the interests of workers, consumers, potential new enterprises, and the natural environment. The core principle of B-READY is that business development is not just about firms navigating regulations smoothly—it’s also about promoting sustainable economic practices that benefit society at large.

The B-READY report analyzes economies through a broader framework, offering insights into the quality of public services and how efficiently businesses can comply with regulatory frameworks. Moreover, B-READY acknowledges that regulatory reforms can impact much more than just the ease of starting or expanding a business; it emphasizes that well-designed regulations can help protect workers, encourage fair competition, and support environmental sustainability.

A Focus on Sustainability and Inclusion

A standout feature of the Business Ready 2024 report is its attention to three cross-cutting themes: digital adoption, environmental sustainability, and gender inclusion. These themes reflect the modern-day priorities for governments and businesses looking to foster a more inclusive and forward-looking economic landscape.

B-READY goes beyond traditional measures by also considering how economies are adopting digital public services, particularly in sectors like taxation and dispute resolution. For environmental sustainability, the report benchmarks economies based on their commitment to regulations that promote sustainable practices, such as water conservation and green building standards. Gender inclusion is another crucial area, with the report assessing economies based on their support for women entrepreneurs and gender-sensitive regulations in procurement and trade.

These themes not only reflect the World Bank’s commitment to sustainable development but also serve as a guide for economies seeking to future-proof their business environments in an increasingly digital and eco-conscious world.

What’s Next for B-READY?

The 2024 edition of B-READY is the first in a three-year rollout phase. Over the next few years, the report will expand its coverage to more than 180 economies by 2026, refining its methodology as it grows. The goal is not just to rank economies but to provide valuable, actionable insights that can help drive reforms in areas that matter most—whether it’s improving public services, enhancing regulatory frameworks, or boosting operational efficiency.

The data presented in B-READY is comprehensive, offering nearly 2,000 data points per economy, collected from both expert consultations and firm-level surveys. This wealth of information allows policymakers to identify specific areas for improvement, from reducing bureaucratic red tape to improving the quality of public services that businesses rely on.

The Business Ready 2024 report highlights that economies don’t need to be rich to create a conducive business environment. Low- and middle-income countries like Rwanda, Colombia, and Georgia demonstrate strong performances in various areas, proving that well-targeted reforms can spur significant private sector growth regardless of income levels.

Setting the Stage for a Sustainable Future

As the global economy faces challenges like slowing investment growth and environmental crises, the need for reforms that balance business growth with social and environmental responsibility has never been clearer. The Business Ready 2024 report is poised to be a key resource for economies aiming to meet these challenges head-on. By offering a more holistic view of what it means to be "business-ready," this report provides a roadmap for economies to create sustainable, inclusive, and resilient business environments that benefit everyone—from entrepreneurs to workers and the natural world.