🌏 APAC Leaders in the B-READY Report: Setting the Benchmark for Business Excellence
The World Bank Group’s new flagship report, Business Ready (B-READY), is transforming how we evaluate the global business and investment climate. Replacing the Doing Business project, B-READY offers a comprehensive data set that not only advances the interests of individual firms but also elevates the interests of workers, consumers, new enterprises, and the environment.
In the Asia-Pacific (APAC) region, several countries have emerged as top performers in the 2024 B-READY report, showcasing their robust business environments and investment climates.
1. Singapore: Known for its exceptional regulatory framework and efficient public services, Singapore continues to be a global leader in business readiness. The city-state’s strategic location, pro-business policies, and advanced infrastructure make it a prime destination for investors.
2. South Korea: High scores in digital adoption and operational efficiency highlight South Korea’s commitment to innovation and technology. The country’s strong emphasis on research and development, coupled with a skilled workforce, positions it as a key player in the global market.
3. New Zealand: While not traditionally grouped with APAC, New Zealand’s proximity and economic ties to the region warrant its inclusion. The country excels in regulatory frameworks and public services, providing a stable and transparent environment for businesses to thrive.
4. Australia: With a focus on environmental sustainability and operational efficiency, Australia is making significant strides in creating a business-friendly climate. The country’s diverse economy and strong legal framework support both local and international enterprises.
5. Japan: Japan’s advanced technological infrastructure and efficient public services contribute to its high ranking in the B-READY report. The country’s commitment to innovation and quality standards makes it an attractive destination for global investors.
The 2024 B-READY report introduces an innovative analytical framework, benchmarking economies based on three pillars: Regulatory Framework, Public Services, and Operational Efficiency. It focuses on 10 essential topics for private sector development, corresponding to various stages of a firm’s life cycle. Additionally, it provides insights into three cross-cutting themes crucial for modern economies: digital adoption, environmental sustainability, and gender equality.
B-READY’s robust data collection process includes expert questionnaires and firm-level surveys, covering 50 economies in its inaugural edition. This report is the first in a series that will expand its geographical coverage and refine its methodology over time, supporting reform advocacy, policy guidance, and further analysis and research.
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