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WORD BANK REPORT:

B-READY 2024: A Comprehensive Framework for Assessing Global Business Readiness: B-READY 2024 isn’t just a report—it’s a blueprint for change.*

 

The World Bank’s Business Ready (B-READY) 2024 report introduces a revolutionary framework to evaluate and benchmark the business and investment climate across 50 economies. Replacing the former Doing Business rankings, B-READY aims to provide a transparent, comprehensive, and holistic analysis of factors influencing private sector development.

🔍 Key Features of the B-READY Report

1. Analytical Framework

The B-READY report is structured around three fundamental pillars:

• Regulatory Framework: Evaluates the clarity, fairness, and sustainability of rules governing businesses throughout their lifecycle.
• Public Services: Assesses government-provided infrastructure and services that support regulatory compliance, focusing on digitalization, interoperability, and transparency.
• Operational Efficiency: Measures time and cost efficiency in processes like business registration and dispute resolution.

2. Ten Core Topics

The report examines ten critical topics aligned with various stages of a business lifecycle:

• Business Entry
• Business Location
• Utility Services
• Labor
• Financial Services
• International Trade
• Taxation
• Dispute Resolution
• Market Competition
• Business Insolvency

3. Cross-Cutting Themes

B-READY introduces three themes crucial for modern economies:

• Digital Adoption: Evaluates the integration of digital technologies in business processes.
• Environmental Sustainability: Assesses regulations supporting sustainable practices, such as green building standards.
• Gender Inclusion: Measures support for women entrepreneurs and gender-sensitive policies.

4. Data Collection and Methodology

The report’s methodology includes firm-level surveys and expert questionnaires, ensuring a robust and comprehensive evaluation of each economy’s business environment.

🌍 Global Insights

The inaugural B-READY report reveals critical insights into global business readiness:

• Public Services Gap: While two-thirds of economies have robust regulatory frameworks, only half provide effective public services, with low-income countries experiencing disproportionately larger gaps.
• Success Stories: Economies like Rwanda excel in operational efficiency and public services, proving that even low-income countries can foster favorable business environments through strategic reforms.

Conclusion

The B-READY 2024 report sets a new standard for assessing the global business climate. By highlighting strengths, gaps, and areas for improvement, it offers a roadmap for governments and businesses to create environments conducive to sustainable growth and development.

*India will be included in the next phase of the report. 

The author of this article is Mr. Prashant Ajmera, an Indian immigration lawyer and Canadian citizen. He is the founder of Ajmera Law Group and the author of two books, “Millionaires On The Book” and “How to Plan for Your Child’s Foreign Education.” Over the past 30 years, he has assisted and advised over 30,000 students and families on planning their foreign education and settlement. He regularly speaks at various forums on this subject.

Ajmera Law Group: Mo: +91 9974253030 | info@ajmeralaw.com | www.ajmeralaw.com