Brunei Darussalam has been named the most improved economy in the world for the third year in a row in the World Bank’s Doing Business Report 2018, which was released on Wednesday.
The report, which measures the efficiency and regulatory environment of domestic businesses of 190 economies, records Brunei jumping a significant 16 places to rank 56 worldwide, with an increasing Distance to Frontier (DTF) score of 70.60 out of 100 and scoring improvements in DTF across eight indicators; further narrowing the gap between Brunei and the top performing economy.
The Asia-Pacific region had the highest number of economies recording the greatest overall number of reforms making it easier to do business, where Brunei and Thailand each implemented eight reforms. Brunei is positioned 11th, behind South Korea (3) and Japan (9); and ahead of rising Asian powerhouse, China at 18th; as well as India at 19th.
Within the ASEAN region, Brunei maintains its 4th position behind Singapore (2), Malaysia ( 24 ) and Thailand ( 26 ); followed by Vietnam ( 68 ), Indonesia ( 72 ), the Philippines ( 113 ), Cambodia ( 135 ), Laos ( 141 ) and Myanmar ( 171 ).
According to a press release from the Ease of Doing Business Secretariat under the Energy and Industry Department at the Prime Minister’s Office, the significant improvements in Doing Business rankings over the past four years reflect the serious commitment of Sultan Hassanal Bolkiah’s government towards creating a Pro-Business environment that would enable further diversification of the country’s economy.
This is in line with his recent speech in conjunction with his 71st birthday celebration, whereby he highlighted the need for continuous efforts to boost economic growth through the entries of Foreign Direct Investments (FDIs) and growth of micro, small and medium Enterprises (MSMEs).
