World Bank launches business ready project

The World Bank Group has launched a groundbreaking initiative, the Business Ready project, aimed at assessing the business and investment climate in up to 180 economies worldwide. Norman Loayza, the Director of the Business Ready Project, recently joined CNBC Africa to shed light on the ongoing assessments and what to expect in the first report scheduled for release in 2024. The Business Ready report marks a significant departure from the earlier Doing Business project, which focused primarily on the ease of doing business for individual firms. The new project takes a more holistic approach, considering not only the business sector but also the welfare of workers, the environment, and consumers. It emphasizes the importance of high-quality regulations and public services to help firms thrive and grow. One of the key differences is the inclusion of direct feedback from company managers or owners, enriching the assessment process. Data integrity is a top priority for the World Bank Group in this project, with a strong focus on transparency. All data collected will be made public, along with the files used to generate the final scores. Robust IT safeguards and internal protocols will protect against cyber threats and ensure accountability. The private sector plays a crucial role in driving sustainable growth, creating jobs, and contributing significantly to GDP and government revenues. To attract investment and foster business growth, countries must create a conducive business environment by reducing red tape, offering supportive services, adopting digital technologies, and enhancing contract enforcement mechanisms. The ultimate goal of the Business Ready project is to provide a comprehensive assessment of the business climate in diverse economies worldwide. The project is currently in a testing phase, with plans to gradually expand coverage over three years. The first report, set for release in 2024, will include data from 54 countries, with a stepwise increase to cover 120 countries in the second year and all 180 economies in the final year of the pilot phase. The project aims to refine its methodology to ensure a robust and representative assessment of the global business environment. The World Bank Group's Business Ready project holds promise for transforming the business landscape and fostering economic growth across the globe.