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Tuesday, August 22, 2017

Russia strengthened as complexity in regulation falls

A report released by the World Bank Group on Wednesday found that Russia has improved the business climate by simplifying regulations on starting a business.

The Russian Federation ranked in the top 20 of the report's 189 economies because of the simplicity of registering property and the easy ability to enforce contracts.

“The business regulatory environment requires strong and sustained actions across all areas covered by the report as well as those not directly measured,” World Bank Country Director for the Russian Federation Michal Rutkowski said. “It is encouraging that the Russian Federation continues its upward trajectory in improving the investment climate thanks to the implementation of regulatory reforms; however, a broader approach should be taken in the coming years to ease the burden for local entrepreneurs.”

For the first time the report took into account two cities in countries with populations over 100 million people. For Russia this included St. Petersburg and Moscow, with data from the report showing that the two cities are comparable.

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