Malaysia leaps into top 10 ranking
Malaysia advanced for the first time into a top 10 ranking of nations the World Bank deems friendliest to businesses as Singapore led the annual competitiveness scorecard for an eighth straight year.
Malaysia vaulted to sixth from 12th a year ago after easing procedures for registering a company, applying for a construction permit and getting electricity, the bank said in its 2014 "Doing Business" report. Rounding out the top five after Singapore were Hong Kong, New Zealand, the US and Denmark, unchanged from a year ago. China slid five spots to 96th, while the UK dropped to 10th from seventh.
Bureaucracy has improved under Malaysian Prime Minister Datuk Seri Najib Razak’s economic and government transformation programmes.
The World Bank’s study, in its 11th year, covered a record 189 economies, assessing them on measures such as the costliness of commercial regulations and the strength of public institutions. Nations are ranked based on indicators such as the time required to start a business, file tax returns and export or import goods.-- Bloomberg