The World Bank's Business Ready (B-READY) Initiative

The World Bank announced the Business Ready report project as a successor to the Doing Business rankings in May 2023.

• The inaugural report is set to encompass 54 economies from regions including Asia, Latin America, Europe, the Middle East, and Sub-Saharan Africa. The report is scheduled for publication in 2024, with the addition of more countries planned for the subsequent two years.
• The report aims to aid countries in attracting investment and boosting employment and productivity, thereby accelerating development.

A More Balanced and Transparent Approach with the New Report:

• The World Bank's new “Business Ready” report is an improvement over the previous “Doing Business” project.
• It introduces a more equitable and transparent method of evaluating a country’s business and investment landscape.
• The report now takes into account workers’ rights as outlined by the International Labor Organization, acknowledging that regulations can sometimes be beneficial.

Ensuring Data Transparency and Integrity:

• The World Bank’s Indicators Group acknowledged that the data integrity of the “Doing Business” rankings was compromised.
• To guarantee transparency, the bank will disclose all data collected for the project and make available the tools necessary for external parties to replicate the data assessment results.

Focus Topics of the Business Ready Report

• The “Business Ready” report focuses on 10 areas related to different stages of a business, such as business inception, utility services, labor, dispute resolution, market competition, taxation, and insolvency.
• The report takes into account the perspectives of various market participants, including entrepreneurs, workers, consumers, and other stakeholders.
• The report also examines factors like worker safety, environmental sustainability, and market competition.

A Look Back at the Ease of Doing Business Rankings:

• The Ease of Doing Business Rankings was an annual report by the World Bank Group that assessed how conducive the regulatory environment was to the starting and operation of a business in countries worldwide.
• The report ranked 190 economies based on different parameters such as starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency.
• The rankings were useful for governments and policymakers to identify areas for improvement in their business regulations. They also helped to attract foreign investment by creating a more business-friendly environment.
• Investors also used the tool to compare business opportunities across different countries.
• However, in 2021, the World Bank Group discontinued the Ease of Doing Business Rankings due to data irregularities and allegations of bias towards China.