Support The Moscow Times!

Russia Up to 92nd in World Bank Doing Business Rankings

The liberalization of Russia's economy is seeing it climb the rankings faster than expected, though it is some way to its target of 20th by 2018. Z. Milyavskaya

Russia has climbed 19 spots to finish 92nd in the World Bank's 2014 Doing Business Rankings, indicating a notable improvement in the country's business climate.

The World Bank praised Russia's performance in five areas: the ease of opening of new businesses, the simplification of application processes for construction projects, the streamlining of property registration procedures, the speed of being hooked up to electric grids, and its improvement in global trade procedures.

Russia also finished third behind Ukraine and Rwanda among the 10 countries that had liberalized their economies the most last year, the report's authors said, Vedomosti reported Tuesday.

The Russian Cabinet has adopted nine "road maps" to improve the country's business climate, with another four expected to be completed by the end of 2013.

In 2012, President Vladimir Putin pledged to boost Russia's position in the standings from 120th to 20th by 2018. Russia's performance in this year's ranking surpassed the expectations of the Economic Development Ministry, which had anticipated that the country would come 100th.

The World Bank has been conducting a yearly review of the legislation, institutions and regulations that underpin the world economies since 2004 to determine which countries have the most favorable business environment.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more