Pakistan climbed 28 places in the World Bank Group’s Doing Business 2020 study to reach the 108th spot in the global ranking.
Last year, Pakistan stood at 136th on the list which ranks 190 economies. “The rise is significant and was made possible by the collective and coordinated actions of the federal government and provincial governments of Sindh and Punjab over the past year,” said Illango Patchamuthu, the Bank’s country director for Pakistan.
He noted that the accelerated reform agenda has many noteworthy features to improve the quality of regulations, reduce time and streamline processes. “This momentum needs to be sustained in the coming years for Pakistan to continue to make progress,” said Patchamuthu.
The top 10 spots on the list were claimed by New Zealand, Singapore, Hong Kong, Denmark, South Korea, Georgia, the UK, Norway, Sweden and Lithuania.
According to the report, Pakistan is on the list of top 10 countries that improved the most in three or more areas measured since the 2018-19 ranking.
It got a 5.6 change in Doing Business score, with reforms that lead to improvements in starting a business, dealing with construction permits, getting electricity, registering a property, paying taxes and trading across borders.
The list comprised Saudi Arabia at the top, followed by Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India and Nigeria.
I want to congratulate all the people in our govt who worked hard to make this happen. But we still have a long way to go. InshaAllah before the end of 2020 Pakistan will become one of the top places for investment.
— Imran Khan (@ImranKhanPTI) October 24, 2019
Prime Minister Imran Khan took to Twitter Thursday morning to laud the achievement and congratulated the government officials who worked to make it a reality.