Economy

Malaysia slips one spot to 24th in doing business ranking

Malaysia slipped one notch to rank 24th in the World Bank's latest Doing Business Report, down from the 23rd place previous year.

At 24th position, the country is ranked marginally lower than the 23rd spot attained past year.

The country was able to add 0.96 to its overall "Distance to Frontier (DTF)" score from 2017 to weigh in at 78.43 in the index this year, with positive changes indicating improvements in a country's ease of doing business.

According to the World Bank Group's latest "Doing Business" report, Malaysia adopted reforms in the areas of getting credit, trading across borders and protecting minority investors.

The Doing Business report was launched in 2003 and is now in its 15th edition.

It also measures labor market regulations, which has not been included in the rankings.

New Zealand secured the top spot as the country with the most ease of doing business, while Singapore and Denmark took second and third place respectively. In the Asian region, Malaysia ranked fifth, behind Singapore, Republic of Korea, Hong Kong SAR and Taiwan.

"Doing Business records all procedures officially required, or commonly done in practice, for an entrepreneur to start up and formally operate an industrial or commercial business, as well as the time and cost to complete these procedures and the paid-in minimum capital requirement", said the World Bank in its Doing Business website.

"We removed several requirements which had made the incorporation process complicated in the past, especially for small and medium enterprises", he explained.



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