Latvia maintains 19th rank for ease of doing business

The World Bank publication "Doing Business 2020" once again ranks Latvia in 19th place among 190 countries around the world, according to the report published on Thursday, October 24.

Lithuania ranked the highest among the Baltic countries – it moved up from 14th place last year to 11th place this year. Estonia’s ranking was lowered from 16th place to 18th.

Pirmajā vietā reitingā ir Jaunzēlande, kam seko Singapūra, Honkonga, Dānija, Dienvidkoreja, ASV, Gruzija, Lielbritānija, Norvēģija un Zviedrija.

The Ministry of Economics highlights that Latvia has improved in the evaluation  on the topic of "Protecting Minority Investors" in this year’s report, where it moved up from 51st place last year to 45th place this year. On the topic of "Enforcing Contracts" Latvia moved up from 20th place last year to 15th place this year.

In Latvia the "Doing Business" report is used as a tool to evaluate reforms and highlight areas where the administrative burden is too great. It allows for the comparison between the number of administrative procedures, the length of time it takes to complete them and the associated costs. The report also allows for the evaluation of the business environment as a whole, says the Ministry of Economics.


About “Doing Business 2020”:

The World Bank’s "Doing Business 2020" report uses standardized case scenarios with specific assumptions to quantitatively measures and compares regulations and procedures in 190 countries around the world, which pertain to the life cycle of small and medium-size enterprises. The ratings evaluate formal procedures, which promote or restrict entrepreneurial activity in the largest city – the entrepreneurship center of the country. "Doing Business 2020" was based on questionnaire responses from more than 48 000 professionals. For Latvia this included a total of 45 respondents from both the private and state sectors.

“Doing Business” ranked Latvia in 19th place in 2018 and 2017. In 2016 Latvija was ranked 14th in this report.

The respondent questionnaires, which will serve as data next year’s "Doing Business" report, will be sent out in February of 2020. The Ministry of Economics points out that it will evaluate reforms that will take effect from May 2, 2019 to May 2,  2020.
 

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