Pakistan ranks among top 10 improving regulation economies globally: Report

[FalconsForPeace]

Pakistan’s performance in the World Bank Group's Doing Business Report 2017 has improved from 148 to 144 out of 190 countries indicating that the country is now more business friendly for small and medium sized enterprises.



In the latest report, Pakistan has been recognised as one of the top ten economies globally making the biggest improvements in their business regulations and not only this, Pakistan is the only South Asian economy to make it to the list this year.
The country has jumped four ranks from its position last year from 148 to 144 out of 190 countries under the revised methodology introduced this year.

To assess the country’s current year’s performance against its own last year, it is important to look at Distance to Frontier Score in the Doing Business methodology, according to the press statement issued by Ministry of Finance.
Pakistan has improved on this metric as well where Pakistan’s score went up from 49.
48 in Doing Business 2016 to 51.
77 in Doing Business 2017, using a comparable methodology as a result of reforms in all the areas covered by Doing Business.

Pakistan was the sole economy in South Asia to reform property transfers.
Under the Land Records Management and Information System, a programme has been developed and deployed to strengthen the capacity of land administration institutions in Lahore.
During a five-year period, the project deployed an automated land records system and improved the quality of services provided by the land agency.

Pakistan improved access to credit information guaranteeing by law borrowers’ rights to inspect their own data.
The credit bureau also expanded the borrower coverage.
This reform applies to both Lahore and Karachi.
Pakistan made trading across borders easier by enhancing its electronic web-based customs platform.
This reform applies to both Lahore and Karachi.

The reforms have been spear headed by the finance minister and the Committee on the Ease of Doing Business through development and implementation of a National Doing Business Reform Strategy.
The strategy outlines reform actions under each of the 10 scored indicators covered in the Doing Business reports.

The strategy is the result of consultative process led by the Ministry of Finance with involvement from concerned federal and provincial government agencies including key Institutions, Board of Investment, Federal Board of Revenue and Securities and Exchange Commission of Pakistan.

The reforms focus on regulatory changes and improving technology and building capacity of implementing agencies for simplification of procedures involved in making businesses operational.
They have been designed to effectively address critical bottlenecks faced by a small and medium sized enterprise during all stages of its lifecycle.
Finance Minister Ishaq Dar said, “Implementation of the time bound reforms under this Strategy over the next 2 years is expected to significantly improve the country’s business environment and act as a catalyst for increasing both domestic and foreign investment.

http://nation.com.pk/business/26-Oct-2016/pakistan-ranks-among-top-10-economies-globally-report

 

[Nike]

Top ten economies.......

 

[DJ_Viper]

Twisted reporting....

http://nation.com.pk is troll news site...

Sir, how about the following?

http://www.bloomberg.com/news/articles/2003-04-09/and-worlds-top-market-is-dot-dot-dot-pakistan

http://www.bloomberg.com/news/artic...s-jump-most-this-year-after-upgrade-from-msci

 

[Glass]

Pakistans gdp is growing (http://www.tradingeconomics.com/pakistan/gdp ) but its not among the top 10 economys https://en.wikipedia.org/wiki/G20

 

[swnjo]

Sir, how about the following?

http://www.bloomberg.com/news/articles/2003-04-09/and-worlds-top-market-is-dot-dot-dot-pakistan

http://www.bloomberg.com/news/artic...s-jump-most-this-year-after-upgrade-from-msci

The first link is from 2003.

 

[Imad.Khan]

I would love for this to be true, but sadly i know that its not

 

[SBD-3]

Pakistan Continues to Improve Doing Business Environment, says World Bank Report
ISLAMABAD, October 26, 2016 – Pakistan made some important progress towards the ease of doing business for small and medium-sized enterprises, finds the latest edition of the World Bank Group’s Doing Business report.

As a result, Pakistan is among this year’s global top 10 improvers, says Doing Business 2017: Equal Opportunity for All, released on Tuesday.

Pakistan announced a three year road map to improve its global ranking on doing business earlier this year. Consistent with that, the country completed three reforms in the past year in Registering Property, Getting Credit and Trading Across Borders. The highest number in a single year over the past decade.

· In Lahore, transferring property was made easier by improving the quality of land administration through digitizing ownership and land records. Making land administration more reliable than before.

· Cross-border trade was eased by updating electronic customs platforms in Lahore and Karachi. It now takes less time for an exporter to comply with border regulations.

· Pakistan improved access to credit information by legally guaranteeing borrowers’ rights to inspect their own data. The credit bureau also more than doubled its borrower coverage, thereby increasing the amount of creditor information and providing more financial information to prospective lenders. Pakistan now ranks second in the South Asia region in the area of Getting Credit.

As a result of these reforms, Pakistan’s position in the Doing Business global rankings improved to 144 out of 190 economies this year, as against 148 in 2016 under the latest methodology. Pakistan’s Distance to Frontier score, a measure of distance each economy has moved towards best practice expressed as frontier at 100, in Doing Business Report also improved from 49.48 in 2016 to 51.77 this year.

“These improvements provide important building blocks for a more efficient business environment that would encourage local entrepreneurs in the country,” says Illango Patchamuthu, World Bank Country Director for Pakistan. "At the same time, Pakistan needs to accelerate reforms towards better regulatory practices for a more conducive business environment for higher growth and job creation.”

While Pakistan’s recent improvements are encouraging, the report finds that local entrepreneurs still face difficulties in many areas such as Enforcing Contracts and Getting Electricity. For instance, it takes almost three years to settle a commercial dispute in Pakistan, compared to the global average of 637 days. And firms in both Karachi and Lahore experience power outages on a daily basis.

This year’s report includes, for the first time, a gender dimension in three indicators: Starting a Business, Registering Property and Enforcing Contracts. The country needs to pay significant attention to gender aspects, going forward.

The Paying Taxes indicator set has been expanded as well to include measures of post-filing processes relating to tax audits and Value Added Tax refund. Tax audit compliance in Pakistan takes 29 hours, which is considerably less than the regional average of 48 hours, but higher than the global average of 17 hours.

The full report and accompanying datasets are available at http://www.doingbusiness.org/
http://www.doingbusiness.org/~/medi...s/Annual-Reports/English/DB17-Full-Report.pdf

 

[Kambojaric]

"Pakistan has been recognised as one of the top ten economies globally making the biggest improvements in their business regulations."

Positive news, but crappy journalism.

 

[PAKISTANFOREVER]

Pakistan's economy, infrastructure, standard of living and overall development is improving massively but I doubt we are in the top 10 economies of the world. More like "top 10 IMPROVING economies of the world".

 

[SBD-3]

Twisted reporting....

http://nation.com.pk is troll news site...

That is with respect to pushing ahead with reforms. The ranking is with respect to reforms, not with respect to size or anything.

 

[niaz]

Pakistan actually ranks 144 out of the 190 countries as noted in the first line of the opening post. Why the “Pakistan ranks among top 10 economies globally: Report” used as the title of the thread?

What is the big deal if Pakistan is making improvement in business regulations? Ground reality is that Pakistan’s exports are falling.

http://www.dawn.com/news/1139689

 

[Devil Soul]

Pakistan up 4 places in Ease of Doing Business index
By News Desk
Published: October 26, 2016
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Pakistan has been ranked 144th out of 190 economies for 2017 on the Word Bank’s Ease of Doing Business (EODB) Index.

It was included among the ten countries — Brunei Darussalam, Kazakhstan, Kenya, Belarus, Indonesia, Serbia, Georgia, Pakistan, the United Arab Emirates, and Bahrain — which were termed the most improved economies in 2015/16 in areas tracked by Doing Business.

Pakistan’s performance in the Doing Business 2017 has improved, indicating that the country is now more business friendly for small and medium sized enterprises.

In the latest report Pakistan has been recognised as one of the top ten economies globally making the biggest improvements in their business regulations. It is also important to note that the Islamic republic is the only South Asian economy to make it to the list this year.

The country has jumped four ranks from its position last year from 148th to 144th out of 190 countries under the revised methodology introduced this year. The ranking is based on responses received from two cities – Lahore and Karachi.

Pakistan witnessed a remarkable improvement mainly in three areas: Registering Property, Getting Credit and Trade Across Borders. The Doing Business report reads:

Registering property

Pakistan improved the quality of land administration by digitizing ownership and land records. This reform applies to Lahore.

Getting credit

Pakistan improved access to credit information guaranteeing by law borrowers’ rights to inspect their own data. The credit bureau also expanded its borrower coverage. This reform applies to both Lahore and Karachi.

Trading across borders

Pakistan made exporting and importing easier by enhancing its electronic customs platform. This reform applies to both Lahore and Karachi.

In the global village, the concept of competitiveness has gained unprecedented importance and international investors and lenders are taking their decisions by relying on rankings of the World Economic Forum (WEF) and the World Bank.

This has forced scores of countries, particularly the developing nations, to float liberal policies and open their economies to the rest of the world for improving their rankings.

Pakistan has world’s weakest higher education system, say QS rankings

In many ways, the liberalisation has supported the developing countries but there are also cases of extreme deregulation that has started hurting them. The global lenders push for extensive deregulation by exploiting the economic rankings of these countries. They are tying loans with deregulation.

The World Bank’s Ease of Doing Business Report and the WEF’s Global Competitiveness Index (GCI) are the main sources of assessing the competitiveness of economies.

The World Bank report is based on its Enterprise Survey while the GCI is based on the Executive Opinion Survey. At times, the findings appear unrealistic, which is also because of lack of proactive approach by state institutions.

Pakistani universities fail to make mark in Asia’s best university ranking

The GCI’s survey is relatively more representative as it captures the perception of people in about half a dozen cities. The surveyors select companies from each of the three main sectors of the economy depending on their share in the overall economy. Yet these findings are subjective.

How rankings are set

The World Bank’s report focuses on the “underlying and embedded characteristics such as the regulatory system, the efficacy of bureaucracy and the nature of business governance.”

It gathers information from 10 areas of business regulation including starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency to develop the ease of doing business ranking.

The information on these factors, which make up the EODB variable, is assessed and in turn used to rank country performance by way of business friendliness.

 

[I S I]

Look at the Indians. They turned this in to another "Super Power India by 2025" thread.

@waz @Oscar please clean the thread.

 

[liall]

True, I hope GoI invest more into science and technology, so we can return back and live a decent life. I'm thinking about getting into IIT/NIT as a asst. professor if given an opportunity.

IITs are actively recruiting Indians who are doing their PhD in US/UK/Canada etc. IITs are even going to US and pitching to potential candidates already. If you want to work in IITs you will get your job offer right away

Pakistan actually ranks 144 out of the 190 countries as noted in the first line of the opening post. Why the “Pakistan ranks among top 10 economies globally: Report” used as the title of the thread?

What is the big deal if Pakistan is making improvement in business regulations? Ground reality is that Pakistan’s exports are falling.

http://www.dawn.com/news/1139689

Exports are falling for every country.

 

[waz]

I've altered the title, it's misleading.