Tuesday 11 August, 2020

Barbados steps up in Doing Business 2020, ranks 128 out of 190

BRA in the Pine

BRA in the Pine

Barbados has moved up one notch on the World Bank's Doing Business ranking for 2020.

In 2019, Barbados ranked 129, and now the country sits at 128 out of the 190 countries ranked.

Despite the slight improvement, the country placed amongst the bottom 40 countries in three key areas - dealing with contract permits, enforcing contracts and getting credit.

Ranking 170 in enforcing contracts, 152 in getting credit and 153 in dealing with contract permits hampered the fact that the country ranks 35th in resolving insolvency and 96th in paying taxes.

Jamaica ranks the highest in the Caribbean on this ranking at 71, up four spots from 2019. St. Lucia remains at 93 for another year, while Trinidad and Tobago sit at 105 again as well. Dominica dropped from 103 to 111 this year. Haiti has moved from 182 to 179 as well. 

Here are five things to know about the World Doing Business Rankings:

What is Doing Business?

Doing Business 2020 is a project and publication by the World Bank which provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level.

When did the Doing Business ranking start?

It started in 2002. Doing Business 2020 is the 17th in a series of annual studies. 

How many areas does Doing Business cover?

It provides quantitative indicators covering 12 areas of the business environment in 190 countries. 

However, it measures across 10 areas:

  1. starting a business,
  2. dealing with construction permits,
  3. getting electricity,
  4. registering property,
  5. getting credit,
  6. protecting minority investors,
  7. paying taxes,
  8. trading across borders,
  9. enforcing contracts,
  10. resolving insolvency

What two areas do not contribute to a country's Doing Business score and ranking?

Doing Business also measures regulation on employing workers and contracting with the government, which are not included in the ease of doing business score and ranking.

What is the goal of the Doing Business series?

It is to provide objective data for use by governments in designing sound business regulatory policies and to encourage research on the important dimensions of the regulatory environment for firms.

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