World Bank: Venezuela has the worst business climate in the region

Finance
Singapore, Hong Kong and New Zealand lead in the ease of doing business according to a report by the World Bank (WB) which places Mexico, Peru and Colombia as the best Latin American countries in that area.

According to the study, Venezuela remains the worst place in which to do business in the region. The report also ranks Bolivia, (149 out of 183 economies), Uruguay (124) and Argentina (115) as three of the economies with worst results in the region, Efe reported.

The ranking measures the ease to start and operate a business, from the regulatory framework to taxes, access to credit and investor protection.

México ranks 35 in the World Bank's table, a very significant advance over last year when it ranked 51. On the contrary, Chile, which was the best Latin American country in the previous list, ranks 43 (although it advanced six positions, since it ranked 49). Peru ranks 36 and Colombia is the 39th country in the list.

Brazil, one of the major world economies ranks 127, behind Guatemala (101), Paraguay (106), Argentina (115), Nicaragua (117), Uruguay (124) and Costa Rica (125).

Ecuador (130), Honduras (131), Bolivia (149) and Venezuela (172) are among the Latin American countries with the worst performing.

"Governments worldwide have been consistently taking steps to empower local entrepreneurs," said Neil Gregory, Acting Director, Global Indicators and Analysis, World Bank Group, DPA reported

The annual report says that in the past year, authorities in 117 economies implemented 216 business regulation reforms and guidelines aimed at making it easier to start and operate a business, enhance transparency, strengthening property rights and improving the efficiency of legal systems.