The World Bank Group has launched a project to assess the business and investment climate in up to 180 countries around the world.
According to a press release, the program, which is called Business Ready, will examine 10 key factors covering the lifecycle of a firm in economies that are surveyed. It is expected to take up to three years.
The key factors that will be assessed are: business entry, business location, utility services, labor, financial services, international trade, taxation, dispute resolution, market competition and business insolvency.
Initially the project will cover 54 economies, which is expected to grow to 120 economies in 2024-25, and then 180 economies in 2025-26. It will replace the World Bank’s previous Doing Business project.
Commenting on the project, World Bank Chief Economist and Senior Vice President for Development Economics Indermit Gil said: “The World Bank Group is bringing back a fuller and sharper measure of the investment climate of countries—something that is badly needed in a global economy in the midst of a generalized slowdown.”
He added: “Governments that do more to make their economies business-ready will do better in reviving private investment, creating jobs, and quickening the transition to cleaner energy.”