Malaysia moved up the rankings in a report recently released by the World Bank on the world’s most competitive economies. The report compares the regulations that apply to domestic companies during a typical businesses life cycle.
In total, 185 economies are evaluated based on actual regulations that govern doing business, the efficiency of tax administration, and doing business across borders. It is more qualitative than other similar reports which usually focus more on the perceptions of the business community.
The report recognized Malaysia’s efforts to further improve business regulations by the creation of an inter-Ministerial committee, PEMUDAH, to focus on this issue. Created in 2007, PEMUDAH is made up of highly respected individuals from the public and private sectors, and focuses on addressing unnecessary bureaucracy in business government dealings.
Malaysia was ranked 12th in the world, rising from 18th place in last year’s report. Singapore, Hong Kong, and New Zealand were the three top-rated countries.
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