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EMBARGOED: Not for newswire transmission, posting on websites, or any other media use until October 25, 2016, 12pm EDT (4pm GMT) vi DOING BUSINESS 2017 each of whom improves, extends, or challenges the contributions of others. In the best case, this process of exchange and improvement connects professors in universities, employees of organizations such as the World Bank, government officials, members of civil society organizations, business owners and ordinary citizens. Ideas about improving our institutions will themselves improve only if they keep circulating through this network of people. We welcome your continued feedback on the Doing Business project. As I start in the role of the World Bank’s Chief Economist, I am astonished by how much room for improvement there is in everything that people do. This heightens my sense of impatient optimism about the potential for meeting the Bank’s two goals: ending extreme poverty and promoting shared prosperity. Doing Business helps us make progress on one crucial strategy for meeting these goals—offering market opportunities to everyone. It should also inspire us to be more ambitious about how to carry out other complementary strategies. We depend on you, the reader, to help us shape, improve, extend and replicate this project. You keep its ideas in motion. You give them power. NOTES 1. World Bank 2015a. 2. World Bank Group 2011. 3. Cuberes and Teignier 2014. 4. Cuberes and Teignier 2014. 5. McLaughlin and Stanley 2016. 6. Hall and Jones 1999; Rodrick 1998; Jalilian, Kirkpatrick and Parker 2006. 7. Parker and Kirkpatrick 2012. 8. Bufford 2006. 9. World Bank Group 2013. Paul M. Romer Chief Economist and Senior Vice President The World Bank Washington, DC
EMBARGOED: Not for newswire transmission, posting on websites, or any other media use until October 25, 2016, 12pm EDT (4pm GMT) Doing Business 2017 Overview The opportunity to find a job or develop one’s business idea is crucial for most people’s personal satisfaction. It creates a sense of belonging and purpose and can provide an income that delivers financial stability. It can raise people out of poverty or prevent them from falling into it. But what does one need to find a job or to start a business, especially if that job or business is in the private sector? Many things are needed, but well-functioning markets—that are properly regulated so that distortions are minimized—are crucial. Governments play a pivotal role in establishing these well-functioning markets through regulation. If the land registry is not required to provide reliable information on who owns what, for example, the efficacy of the property market is undermined making it difficult for entrepreneurs to acquire property, put their ideas to practice and create new jobs. Without well-regulated credit information sharing systems it is difficult for credit markets to thrive and be more inclusive. A properly functioning tax system is also key. Where the burden of tax administration is heavy—making it difficult to comply with tax obligations—firms will have an incentive to avoid paying all taxes due or may opt for informality, thereby eroding the tax base. To start a business, entrepreneurs need a business registration system that is efficient and accessible to all. Doing Business data on Argentina, for example, show that it takes 14 procedures to start a new business, double the global average of just seven. So it is perhaps unsurprising that there are only 0.43 formal new businesses per 1,000 adults in Argentina. By contrast, in Georgia—where three procedures are sufficient to start a business—there are over 5.65 formal new businesses per 1,000 adults. Failure is part of taking risks and innovating. For people to be willing to start a new business there needs to be a welldeveloped system in place for closing businesses that do not succeed. In addition to the complicated entry process in Argentina, if the business fails only 23 cents on the dollar are recovered after going through an insolvency proceeding. By contrast, in the Czech Republic the same business failure would have a recovery rate of 67 cents on the dollar. This higher recovery rate also helps to explain the larger number of new businesses in Prague (at 3.42 formal new businesses per 1,000 adults) than in Buenos Aires. OLD AND NEW FACTORS COVERED IN DOING BUSINESS Doing Business focuses on regulation that affects small and medium-size enterprises, operating in the largest business city of an economy, across 11 areas. 1 Ten of these areas—starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency—are included in the distance to frontier score • Doing Business measures aspects of regulation that enable or prevent private sector businesses from starting, operating and expanding. These regulations are measured using 11 indicator sets: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and labor market regulation. • Doing Business 2017 expands the paying taxes indicators to cover postfiling processes—tax audits, tax refunds and tax appeals—and presents analysis of pilot data on selling to the government which measures public procurement regulations. • Using the data originally developed by Women, Business and the Law, this year for the first time Doing Business adds a gender component to three indicators— starting a business, registering property, and enforcing contracts—and finds that those economies which limit women’s access in these areas have fewer women working in the private sector both as employers and employees. • New data show that there has been an increase in the pace of reform—more economies are reforming and implementing more reforms. • Doing Business has recorded over 2,900 regulatory reforms across 186 economies since 2004. Europe and Central Asia has consistently been the region with the highest average number of reforms per economy; the region is now close to having the same good practices in place as the OECD high-income economies. A number of countries in the region— Georgia, Latvia, Lithuania, and the former Yugoslav Republic of Macedonia—are now ranked among the top 30 economies in Doing Business. • Better performance in Doing Business is on average associated with lower levels of income inequality. This is particularly the case regarding the starting a business and resolving insolvency indicator sets.
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