Jamaica cited for reforms in Doing Business report
Jamaica has moved up in the rankings to 64 of 189 economies on the Ease of Doing Business Index, and has been cited by the World Bank, alongside Costa Rica and Mexico, as executing the most reforms in the region in the last five years.
Jamaica was ranked at 71 on the 2015 index, which was revised. The original 2015 index had positioned it at 58 of 189 countries. The World Bank said, however, that last year's rankings cannot be compared directly to those on the 2016 table as the methodology had changed.
The Doing Business 2016: Measuring Regulatory Quality and Efficiency report released Tuesday also found that Jamaica is among the global top 10 improvers "as it implemented a regional high of four reforms".
"On Starting a Business, for instance, Jamaica decreased the time to incorporate a business from 15 to three days. And Mexico, the best-ranked economy in the region, implemented two reforms in the areas of Getting Credit and Paying Taxes during the past year. As a result, the country improved its global ranking to 38 amongst 189 economies worldwide," the World Bank said in a statement accompanying the release of the report.