World Bank to replace Doing Business with Business Ready

The World Bank on Monday unveiled new methodology and improved safeguards for assessing the business climate in up to 180 countries after embarrassing revelations of data irregularities and favoritism toward China forced it to cancel its flagship rankings two years ago, Report informs, citing Reuters.

A pilot edition of the new replacement annual series called “Business Ready” will be published in the spring of 2024, covering an initial group of 54 economies in Asia, Latin America, Europe, the Middle East and Sub-Saharan Africa, the bank said.

More countries will be added in the next two years as the bank refines its methodology and ramps up the new project, which aims to help countries attract investment and boost jobs and productivity to accelerate development.

“Business Ready ... reflects a more balanced and transparent approach toward evaluating a country’s business and investment climate,” the bank said in a statement.

“Business Ready” was shaped by recommendations from World Bank experts, governments, the private sector, and civil society groups, and includes for the first time worker rights, as defined by the International Labor Organization, while acknowledging that regulation can also have positive aspects.