Doing Business 2009: Azerbaijan is World’s Top Regulatory Reformer; Europe and Central Asia Lead Reform Worldwide Washington, D.C., September 10, 2008—Azerbaijan leads the world in regulatory reforms to make doing business easier, according to Doing Business 2009—the sixth report in an annual series published by the World Bank and IFC. Azerbaijan reformed in seven of the 10 regulatory areas studied by the report between June 2007 and June 2008. Its overall rank on the ease of doing business rose to 33 from 97—the biggest jump in one year ever recorded by Doing Business. “Azerbaijan has achieved impressive and unprecedented results this year following a concentrated reform effort by the Government. By introducing efficient regulations the country encourages creation of new businesses and expansion of the formal sector, which increases the country's capacity for private-sector-led growth in the non-oil economy ,” said Aliya Azimova, IFC Country Officer for Azerbaijan. The reforms included strengthening the public credit registry by eliminating the minimum loan reporting threshold, more than doubling coverage. Changes to the labor code made it easier for businesses to create jobs. Azerbaijan also created a second commercial court in Baku, increasing the number of specialized judges. A new law gives greater protections to minority shareholders. A new unified property registry makes it easier to register property. A new one-stop shop for company registration reduced the number of procedures and halved the time needed for business start-ups. Azerbaijan reduced the tax burden by introducing an online filing and payment system with advanced accounting software systems for calculation of taxes due. It also strengthened investor protections and credit information. “Countries in Eastern Europe and Central Asia continue to lead the world in easing the regulatory burden on business and in sustaining their reform agendas,” said Svetlana Bagaudinova, a coauthor of the report. “This year, Azerbaijan is the pacesetter not only in the region but worldwide, advancing dramatically in the global rankings on the ease of doing business,” she added. In Europe and Central Asia, 23 of the region’s 25 countries implemented 62 regulatory reforms, accounting for more than a quarter of the worldwide total. Four of the 10 economies making the most regulatory reforms are in Eastern Europe and Central Asia. The top 10 are, in order, Azerbaijan, Albania, the Kyrgyz Republic, Belarus, Senegal, Burkina Faso, Botswana, Colombia, the Dominican Republic, and Egypt. For the third year in a row, Singapore leads the global rankings for overall regulatory ease of doing business, with New Zealand runner-up, and the U.S. in third place. Bahrain, Korea, and Mauritius join the ranks of the top 25 this year. Top ranked countries from Eastern Europe and Central Asia are: Georgia (15), Estonia (22), Lithuania (27), Latvia (29), and Azerbaijan (33). Doing Business 2009 ranks 181 economies on the overall ease of doing business based on 10 indicators of business regulation that record the time and cost to meet government requirements in starting and operating a business, trading across borders, paying taxes, and closing a business. The rankings do not reflect such areas as macroeconomic policy, quality of infrastructure, currency volatility, investor perceptions, or crime rates. Online Media Briefing Center: Journalists can access the material before the expiration of the embargo through the World Bank Online Media Briefing Center at http://media.worldbank.org. Accredited journalists who do not already have a password may request one by completing the registration form at http://media.worldbank.org. The Doing Business project is based on the efforts of more than 6,700 local experts – business consultants, lawyers, accountants, government officials, and leading academics around the world, who provided methodological support and review. The data, methodology, and the names of contributors are publicly available online at www.doingbusiness.org. For more information on Doing Business 2009, please contact: In Washington DC Maria Alexandra Velez Henao +1 (202) 458-8789 Rebecca Ong + 1(202) 458-0434
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