Tweet
Jamaica ranked 44 for ease of business
Observer Busines Reporter
Wednesday, September 14, 2005
Jamaica has been ranked 44 out of 155 countries for the ease with which it allows the establishment and operation of businesses, by the World Bank/International Finance Corporation.
The rankings were release yesterday in the third annual instalment of Doing Business.
The World Bank in its report noted that "Latin American and Caribbean economies are increasing the pace of reform to help small and medium businesses generate more jobs, but heavy legal burdens on business remain in most countries in the region".
The annual report, which for the first time provides a global ranking of 155 economies on key business regulations and reforms, finds that Latin American and Caribbean countries have been the third-fastest reformers over the past year, behind Eastern Europe and OECD countries.
The report tracks a set of regulatory indicators related to business startup, operation, trade, payment of taxes, and closure, by measuring the time and cost associated with various government requirements.
For instance, the study measures the number of procedures required and the time taken and minimum capital needed for 'starting a business' in Jamaica. For Jamaica, this category was the best of 10 categories measured across all countries. Jamaica placed tenth.
Alternatively, 'paying taxes' was the worst category for Jamaica, placing it 141 in this category, due to the high percentage of gross profit paid in taxes - 49.4 per cent - and the number of payments required within a year - 72.
The survey does not track variables such as macroeconomic policy, quality of infrastructure, currency volatility, investor perceptions, or crime rates.
According to the report, most improvements to the business environment took place in Jamaica, Brazil, Ecuador, and El Salvador. Jamaica introduced a new company law and streamlined social security and tax registration. The time to start a new business was cut by 22 days.
Chile ranked the highest in Latin America and the Caribbean at 25, being the only Latin American country to make the top 30 list.
Jamaica's rank of 44 makes it the next in line for Latin America and the Caribbean, and the highest among Caribbean countries. Although apart from Dominican Republic (103) and Haiti (134) no other Caribbean country was assessed.
Observer Busines Reporter
Wednesday, September 14, 2005
Jamaica has been ranked 44 out of 155 countries for the ease with which it allows the establishment and operation of businesses, by the World Bank/International Finance Corporation.
The rankings were release yesterday in the third annual instalment of Doing Business.
The World Bank in its report noted that "Latin American and Caribbean economies are increasing the pace of reform to help small and medium businesses generate more jobs, but heavy legal burdens on business remain in most countries in the region".
The annual report, which for the first time provides a global ranking of 155 economies on key business regulations and reforms, finds that Latin American and Caribbean countries have been the third-fastest reformers over the past year, behind Eastern Europe and OECD countries.
The report tracks a set of regulatory indicators related to business startup, operation, trade, payment of taxes, and closure, by measuring the time and cost associated with various government requirements.
For instance, the study measures the number of procedures required and the time taken and minimum capital needed for 'starting a business' in Jamaica. For Jamaica, this category was the best of 10 categories measured across all countries. Jamaica placed tenth.
Alternatively, 'paying taxes' was the worst category for Jamaica, placing it 141 in this category, due to the high percentage of gross profit paid in taxes - 49.4 per cent - and the number of payments required within a year - 72.
The survey does not track variables such as macroeconomic policy, quality of infrastructure, currency volatility, investor perceptions, or crime rates.
According to the report, most improvements to the business environment took place in Jamaica, Brazil, Ecuador, and El Salvador. Jamaica introduced a new company law and streamlined social security and tax registration. The time to start a new business was cut by 22 days.
Chile ranked the highest in Latin America and the Caribbean at 25, being the only Latin American country to make the top 30 list.
Jamaica's rank of 44 makes it the next in line for Latin America and the Caribbean, and the highest among Caribbean countries. Although apart from Dominican Republic (103) and Haiti (134) no other Caribbean country was assessed.
Comment