Singapore has gained second place on a World Bank ranking for the ease of doing business despite the period of trade tensions. According to the World Bank rankings, China and India are in the top ten list of governments that have done a lot of efforts to improve the ease of doing business in their countries.
Amidst the trade war in which the United States is looking for reforms from Beijing to protect intellectual property and open its economy in American Businesses, China gained the place in the top ten list for the second year consecutively.
The World Bank has studied reforms in ten areas of business activity in 190 economics such as obtaining construction permits, getting electricity connection, access to credit, paying taxes, cross border trade and enforcing contracts. And as per the data SGP, Singapore is found fulfilling most of these activities. Hence the World Bank has placed SGP at the second place for the ease of doing business.
SGP is predicted to see more growth in the economy in 2020 because of multiple programs running in the nations to boost productivity.
David Malpass is the group president in the World Bank. He said that entrepreneurs are generating jobs after following the policies formed by the countries. Job seekers in large number are getting employment through entrepreneurs. More tax revenues are generated due to high incomes of the people. All these factors are necessary to reduce poverty and raise the living standard.