Josip Jezic von Gesseneck    2016-10-29

FYR Macedonia a top 10 business destination in the world

World Bank annual study recognizes FYR Macedonia as a top global business destination

Regional, Innovation

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The World Bank has ranked the FYR Macedonia as the tenth-best destination worldwide to do business in its 2017 Doing Business report.

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Doing Business focuses on regulation that affects small and medium-size enterprises, operating in the largest business city of an economy, across 11 areas, measuring 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.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 and ease of doing business ranking. The economic literature has shown the importance of such regulations for firm and job creation, international trade and financial inclusion. Full report here.