SA falls two places in World Bank report

Wednesday, September 9, 2009

Johannesburg - South Africa has fallen two spots in the World Bank's annual 2010 Doing Business Report.

Released on Wednesday, the report, themed, "Reforming Through Difficult Times", found that South Africa fell two ranks from 32 in the 2009 survey to number 34 in the 2010 survey.

The report ranks 183 participants in 10 categories, including starting a business, dealing with construction permits, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business.

Singapore topped the 2010 report's list, followed by New Zealand, Hong Kong, and the United States.

The report said that the past year had proven to be a difficult one for doing business as companies around the world had to deal with the effects of the global economic meltdown.

"Policy makers and governments also faced big challenges - from stabilising the financial sector and restoring confidence and trust to countering rising unemployment and providing necessary safety nets as an estimated 50 million people risked losing their jobs as a result of the crisis," read the report.