World Bank rates Baltics as business-friendly

Sep 11, 2008
Talis Saule Archdeacon

WASHINGTON - A recent report issued by the World Bank has ranked the three Baltic states in the top 30 most business-friendly countries in the world.

The report, titled Doing Business 2009, said that the Baltics and Georgia were leading the Eastern Europe and Central Asia region in terms of business-friendliness.

“The region surpassed East Asia and Pacific in the average ease of doing business in 2007 and maintained its place this year. Four of its economies – Georgia,Estonia, Lithuaniaand Latvia – are among the top 30 in the overall Doing Business ranking,” the report said.

Estoniaheld the best ranking of the Baltic states and was hailed by the report as the 22nd most business-friendly country in the world, wedged in between Switzerlandand Korea. Lithuaniaand Latvia, meanwhile, scored 28th and 29th respectively – ahead of Israelbut behind Austria.

Latviaand Lithuaniawere found to have drastically improved their scores with regards to the ease of registering property for business purposes. Latviawas also cited as improving how easy it is to close a business.  

Singapore led the global rankings on the overall ease of doing business for
the third consecutive year. New Zealandcame in at second place and the United Statesthird.

Other countries included in the top-10 are Hong Kong, Denmark, the United Kingdom, Irelandand Canada. Azerbaijanwas rated as the most reformed country in terms of business-friendliness.

The three least favorable countries for business activity are the Democratic Republic of Congo, Central African Republicand Guinea-Bissau.

“Doing Business” ranks economies based on 10 indicators of business regulation that record the time and cost to meet government requirements in starting and operating a business, trading across borders, paying taxes, and closing a business.

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