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Jamaica jumps 27 places on world doing business report

Published:Wednesday | October 29, 2014 | 8:32 AM
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Jamaica has jumped 27 places and now ranks the highest in the Caribbean for the ease of doing business.

In the World Bank Group’s report, Doing Business 2015: 'Going Beyond Efficiency'Jamaica was ranked 58th among 189 economies worldwide, up from 85th last year.

A release from the World Bank notes that over the past year, Jamaica implemented three reforms, the most in Latin America and the Caribbean along with the Dominican Republic and Trinidad and Tobago.

It says Jamaica streamlined the requirements for starting a business, reduced the cost of getting an electricity connection, and established new credit bureaus while also adopting a new secured transactions law that broadens the range of assets that can be used as collateral.

The World Bank also says Jamaica appears closer than it was last year to global best practices in business regulation as measured by its 'distance to frontier' ranking.

Finance Minister, Dr. Peter Phillips says he’s encouraged by the new global competitiveness standing, which, according to him, highlights that Jamaica is open for business.

Singapore topped the global ranking.

Joining it on the list of the top 10 economies with the most business-friendly regulatory environments are New Zealand; Hong Kong, China; Denmark; the Republic of Korea; Norway; the United States; the United Kingdom; Finland; and Australia.


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