China is closing the gap with its chief economic rival the US as a hassle-free place to do business.
In the World Bank’s annual ranking of bureaucracy-busting economies, New Zealand again claimed the top spot after making it cheaper to set up a company. But China, as well as India, vaulted up the rankings with wide-ranging reforms designed to give businesses and entrepreneurs fewer headaches.
The Doing Business 2019 report showed a new order emerging near the top: Currently locked in a trade war with China, the US was one of the few countries where creating and running a business grew more wearisome. The UK, negotiating an exit from the European Union, also lost ground. It’s now easier to do business in the former Soviet republic of Georgia than in Britain or America.
Singapore and Denmark once again rounded out the top three slots. There was no shift either at the bottom. There remains only one place where it’s tougher to do business than Venezuela and Eritrea: Of 190 economies the World Bank ranked, Somalia again came last.