Mongolia ranked at 74th in annual ease of doing business rankings

Economy
unurzul@montsame.mn
2018-11-01 13:03:26

Ulaanbaatar/MONTSAME/ Governments around the world set a new record in bureaucracy busting efforts for the domestic private sector, implementing 314 business reforms over the past year, says the World Bank Group’s Doing Business 2019: Training for Reform report, released today.

 

The reforms, carried out in 128 economies, benefit small and medium enterprises as well as entrepreneurs, enabling job creation and stimulating private investment. This year’s reforms surpass the previous all-time high of 290 reforms two years ago.

 

The reforms of countries included Mongolia’s reform in making enforcing contracts easier by reducing plaintiff fees.  

 

“The private sector is key to creating sustainable economic growth and ending poverty around the world,” said World Bank Group President Jim Yong Kim. “Fair, efficient, and transparent rules, which Doing Business promotes, are the bedrock of a vibrant economy and entrepreneurship environment. It’s critical for governments to accelerate efforts to create the conditions for private enterprise to thrive and communities to prosper.”


In the World Bank Group’s annual ease of doing business rankings, New Zealand, Singapore and Denmark retain their first, second and third spots respectively for a second consecutive year, and Mongolia is ranked at 74th (67.74 scores) from 190 countries. It showed Mongolia’s improvement of 0.27 scores compared with the last year’s ranking.

 

According to main 10 topics, Mongolia is ranked at 87th in starting a business, 23rd in dealing with construction permits, 148th in getting electricity, 49th in registering property, 22nd in getting credit, and 33rd in protecting minority investors, 61st in paying taxes, 117th in trading across borders, 66th in enforcing contracts and 152nd in resolving insolvency. It indicates Mongolia’s improvements in environments in starting a business, registering property and enforcing contracts, but it goes down in getting electricity and resolving insolvency.  

 

A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. The rankings are determined by sorting the aggregate scores on 10 topics, each consisting of several indicators, giving equal weight to each topic. The rankings for all economies are benchmarked to May 2018.