Guyana has continued to slide in the world rankings for the ease of doing business, falling two places to 123 in the latest listing of 189 countries.
Guyana also fell below the regional average as it relates to the ease of doing business, according to the Doing Business 2015: Going Beyond Efficiency report, which was issued by the World Bank Group in the latter part of last year. The report, which is issued annually, ranks countries on the ease of doing business based on 11 topics/areas.
Guyana’s business climate has been worsening over the past few years. In the Doing Business 2010 report, Guyana ranked 101. The next year, it dropped to 113 and then to 114 in the following year.
According to the report, Guyana is ranked at 99 in the area of starting a business. There are eight procedures that must be undertaken and take some 20 days to complete. Seven procedures are needed to get a construction permit and these take 195 days. To get electricity for one’s business also involves eight procedures and 109 days. Guyana stands at 103 in the ranking of 189 economies on the ease of registering property and the report says registering property takes some 75 days and there are six procedures involved.
Guyana is listed at 165 in the ranking of 189 economies on the ease of getting credit. The economy has a score of 0 on the depth of credit information index and a score of 3 on the strength of legal rights index. For this area, higher scores indicate more credit information and stronger legal rights for borrowers and lenders.
As it relates to paying taxes, the report says n average, firms make 35 tax payments a year, spend 256 hours a year filing, preparing and paying taxes and pay total taxes amounting to 32.3% of profit. Globally, Guyana stands at 115 in the ranking of 189 economies on the ease of paying taxes.
Meanwhile, cross border trade involves six documents and time to export is 19 days, while time to import is 22 days and involves seven documents. Globally, Guyana stands at 82 in the ranking of 189 economies on the ease of trading across borders.
As it relates to enforcing contracts, the report says 36 procedures are involved and the time period is 581 days. Globally, Guyana stands at 71 in the ranking of 189 economies on the ease of enforcing contracts.
The Doing Business report series is compiled jointly by the World Bank and the International Finance Corporation. The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the Inter-national Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world.
