Ukraine climbes seven places in World Bank's rating Doing Business

Ukraine climbes seven places in World Bank's rating Doing Business
Ukraine climbed seven places in the last year to the 64th place on the World Bank’s Doing Business ranking, published on October 24, its best score ever that made it one of the fastest reformers in the survey. / wiki
By bne IntelliNews October 25, 2019

Ukraine climbed seven places in the last year to the 64th place on the World Bank’s Doing Business ranking, published on October 24, its best score ever that made it one of the fastest reformers in the survey.

The result is Ukraine’s highest rank ever on the survey and a dramatic improvement from 2012, when Ukraine ranked 152 out of 190 countries.

From the 10 categories that go into making up the index, Ukraine did best in dealing with construction permits (rising to 20 from 30 place), getting credit (moving to 32 from 37) and protecting minority investors (rising to 45 from 72).

Ukraine ranked worst in getting electricity (rising to 128 from 135) and resolving insolvency (rising to 145 from 146), a ranking that will improve next year after the new bankruptcy code took effect as of October 21, according to the Union of Ukrainian Entrepreneurs.

Legislation approved by the new parliament in recent weeks should enable Ukraine to improve its rank by at least 15 places by next year’s survey, the union said in an analysis performed jointly with the Ukrainska Pravda online outlet.

Zenon Zawada at Kyiv-based brokerage Concorde Capital believes that President Volodymyr Zelenskiy's administration and the People’s Servant party "laid the foundation for improving business conditions in the next year".

"They will bear some fruit in the mid-term (three to five years). But these reforms won’t spark significant investment and economic growth without a genuine fight against corruption at all levels (including prosecutions and convictions) and an overhaul of the judicial system and courts. There are many countries with nice laws and regulations on the books, belying the actual conditions on the street,” Zawada wrote in a note on October 25.

 

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