Barbados gets modest improvement in Doing Business report

There has been a slight improvement in the doing business climate in Barbados, according to the latest World Bank Doing Business report.

The 2020 document, which is the 17th edition in the series, ranked Barbados at 128th out of 190 economies, an improvement of four spots from its 132nd position in last year’s report.

The country was ranked at 129th out of 190 countries in the 2018 report, a slight improvement over the 132nd position in 2017.

In the Comparing Business Regulation in 190 Economies report, which examines data up to May 1, 2019, Barbados received an overall doing business score of 57.9.

Areas examined included starting a business, dealing with construction permits, getting electricity, registering a property, getting credit, protecting minority investors, paying taxes, trading across borders and enforcing contracts.

Highlighting some of those areas, the document said: “Barbados made getting electricity faster by deploying new software to process applications, increasing the stock of material needed for external connection works, and offering training programmes to the utility’s engineer.”

It also pointed out that the enforcement of contracts became easier due to the adoption of “a law” that regulates all aspects of mediation as an alternative dispute resolution mechanism.

“Barbados made trading across borders easier by streamlining inspections by port authorities and introducing an electronic system or documentary compliance,” it said.

“Barbados made trading across borders more expensive by increasing certificate of origin issuance fees,” it added.

The 137-page document also pointed out that the country made transferring property more difficult by increasing the time to record the conveyance at the land registry and pay transfer fees and stamp duties.

Other Caribbean economies ranked better than Barbados in the report included Jamaica (71st), St Lucia (93rd), Trinidad and Tobago (105th), Dominica (111th), Antigua and Barbuda (113th), and the Bahamas (119th). Haiti ranks worse than Barbados at 179th.

The top ten economies in descending order were New Zealand, Singapore, Hong Kong, Denmark, Korea, the US, Georgia, the UK, Norway and Sweden.

Meanwhile, Somalia was ranked at 190th, Eritrea 189th, and Venezuela 199th.

A total of 115 economies made it easier to do business.

More than half the economies ranked in the top 20 are from the Organisation for Economic Co-operation and Development (OECD) high income group.

The report said the economies that scored highest on the ease of doing business shared several common features including the widespread use of electronic systems.

“All of the 20 top-ranking economies have online business incorporation processes, electronic tax filing platforms, and allow online procedures related to property transfers,” said the report.

“Encouragingly, several of the lowest ranked economies are actively reforming in pursuit of a better business environment,” it added.
marlonmadden@barbadostoday.bb