An annual report by World Bank states that Bangladesh is among the lowest ranking countries in terms of ease of starting a business.
The report titled “Doing Business 2018 – Reforming to create jobs” compares business regulations for domestic firms in 190 economies. The World Bank has been producing the annual report for 14 years, and numerous countries draft and implement policy reforms based on how they have scored.
Bangladesh ranks 177 with a score of 40.99, the second-lowest among South Asian countries, with only Afghanistan trailing at 183. In the previous year’s report, Bangladesh ranked 174 with a score of 43.10.
New Zealand tops the list with a score of 86.55, followed by Singapore and Denmark. Somalia is at the bottom of the barrel with 19.98.
According to the report, Bangladesh’s two major business cities – Dhaka and Chittagong – have a 78:22 ratio of how much weight they bear in terms of economic factors. It also notes that it has become more expensive to start a business in Bangladesh because of a hike in registration costs.
The list also highlights the bureaucratic problems plaguing the country, notably the extensive amount of time taken to complete procedures.