Myanmar improved its ranking on the World Bank’s Doing Business 2020 report by six positions, coming in 165th place out of 190 countries on the index compared to 171st in the previous. The ease of doing business index in the report is released every year and based on 10 indicators. The country made strides forward in several areas and is among the top 20 reformers for the year.

In starting a business, Myanmar leap to 70th place from 152nd the year before. Just five years ago, it was the least favorable place in the world. Among the reforms taken to improve the ease of starting a business in the country included making the necessary information easily available. Entrepreneurs said the level of corruption and red tape has also fallen. Meanwhile, it now only takes two days to register a new company on the country’s new online MyCo system, for a fee of just K250, 000, which is lower than before. It is now also much easier to register a new property.

The country also made progress in dealing with construction permits. In that area, Myanmar is now ranked 46 compared to 81 before. Despite moving up in the ranks, Myanmar is still the least favorable country to do business among the ASEAN countries. There was no progress made in trading across borders and resolving insolvencies, while the country actually slipped in the ranks in areas such as supplying electricity and paying taxes. Getting credit, another area the World Bank considers for its index, needs to improve as well.

Source: Myanmar Times 

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