World Bank Group Launches Business Ready Project

World Bank Group Launches Business Ready Project

• The World Bank Group has recently launched a new project called Business Ready, which aims to assess the business and investment climate in economies worldwide. This new initiative replaces the Doing Business project, which had been the World Bank Group’s flagship program for assessing the ease of doing business for over two decades.
• The objective of the Business Ready project is to make each country’s economic environment ready for a dynamic private sector. This will be done by assessing and ranking the ease of doing business in upto 180 economies annually., identifying areas of improvement, and providing recommendations to policymakers and stakeholders.

Business Ready Project

• Objective is to assess the business and investment climate in up to 180 economies in a transparent and fair way.
• It will cover 54 economies in the first year, expected to scale up to 180 economies by 2025-26.
• It will reflect a more balanced and transparent approach towards evaluating a country’s business and investment climate.
• The first report is to be published in 2024, with subsequent reports expected annually.
• It has been developed by a team of professionals both from inside and outside the World Bank Group, comprising members from governments, private entities, and civil society organizations. The project focuses on ten topics, including Business Entry, Business Location, Utility Services, Labor, Financial Service as International Trade, Taxation, Dispute Resolution, Market Competition, and Business Insolvency.
• The Business Ready project uses a comprehensive set of indicators and scoring methodology, which is detailed in the Business Ready Methodology Handbook. To ensure the integrity of the assessments, the World Bank Group has put in place protocols and safeguards, which are specified in the Business Ready Manual and Guide. It will ensure transparency by making all information collected by the project publicly available on the project website.

Read about other important Reports and Indices, click here.

Practice Questions for Prelims

Which organisation had launched the Business Ready Project?
a) World Economic Forum
b) World Bank Group
c) World Trade Organisation
d) European Union

Ans. b)

Mains Practice Question

How will Business Ready Project will aim to evaluate the standpoint of private sector development as a whole. Discuss?

Chetan Bharat Learning is the best institute in Chandigarh for UPSC IAS ,PCS preparation. To know more about Chetan Bharat Learning’s Online & Classroom Courses, click on the following links: