Latvia slips down 'Doing Business' rankings but still in top 20

Latvia has dropped five positions on the Doing Business index this year, taking 19th place among 190 countries covered by the World Bank's annual survey.

Last year, Latvia was ranked 14th best country in the world for doing business. The report is one of the more influential such rankings in the world, frequently cited by policymakers and politicians.

Meanwhile, Lithuania has climbed to 16th place from 21st place and Estonia remains in 12th place like last year.

Latvia has been ranked eighth among EU member states on the index and is trailing Ireland, Lithuania, Finland, Estonia, Sweden, the UK and Denmark.

You can read the full data about Latvia in the attached PDF file. It includes a wealth of information including the steps necessary to set up and run businesses plus the reforms that have been implemented to make doing business simpler -- or in some cases, more complex. 

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World Bank Profile Latvia.pdf

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Representatives of the Economics Ministry commented that shifts in this year’s Doing Business index have occurred mainly due to reforms that have been carried out in several countries included in the list. Latvia is currently busily implementing reforms included in the Action Plan to Improve the Business Environment, and it is expected that the results of these reforms will be reflected in the Doing Business indexes of the following years.

The respondents surveyed by the WB in Latvia have spoken most appreciatively of the opportunities of starting a business in Latvia, which in this index has climbed to 21st place from 22nd place. Latvia has also climbed to 13th place from 15th place in the paying taxes index and to 20th place from 23rd place in the enforcing contracts index.

Meanwhile, Latvia’s performance has dropped on construction permits, getting electricity and solvency indexes.

You can download the full report from the World Bank HERE.

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