October 16 - As Eastern European countries continue to dominate the list of places to “Do Business”; Jamaica ranks 63 of the 178 countries listed in the most recent World Bank “Doing Business 2008”. Singapore tops the list for the second straight year.
St. Lucia and St. Vincent and the Grenadines are the top performing Caribbean Countries coming in at 34th and 54th respectively. St. Kitts and Trinidad & Tobago are number 64 and 67 from the list.
The report indicates the strength of Eastern Europe and Central Asia was due to the reform in regulations which took place during the period of findings; while the busy election period in Latin America and the Caribbean showed that there was very little reform.
“13 countries saw new governments sworn in. Earlier analysis suggests that the region might experience a reform boom next year, as nearly 85 per cent of reforms take place in the first 15 months of new government,” the report also stated.
While the rankings in ease of doing business do not tell the whole story, it covers business regulations, and does not include proximity to large markets and quality of infrastructure services.
Opportunities for Women
The World Bank has suggested that higher rankings on the ease of doing business are associated with growth, more jobs and a smaller share of the economy in the informal sector. Jamaica Trade and Invest President, Robert Gregory, says much of the international community is alert to the fact that Jamaica is more than just the finest Caribbean destination for tourists, but also as a place where an investment stands the best chance of succeeding and prospering.
“The benefits are especially large for women. Countries with higher scores on the ease of doing business have larger shares of women in the ranks of both entrepreneurs and employees,” the report mentioned.
Other Caribbean countries in the top 100 include Grenada , Dominica , and the Dominican Republic at 70th, 77th and 99th respectively.