The Czech Republic ranks 41st among the countries with the most business-friendly conditions, according to the Doing Business 2020 report published by the World Bank,
The Doing Business 2020 report monitors how regulatory measures affect business activity in different countries. The report measures quantitative indicators covering 12 areas of the business environment in 190 economies.
The World Bank assesses countries on factors like electricity supply, ease of registering property, obtaining credit, paying taxes, and dealing with insolvency.
The best-performing country this year is New Zealand, followed by Singapore and Hong Kong. Within the Visegrad countries, Poland is the most business-friendly country, ranking in 40th place while Slovakia ranked in 45th place and Hungary in 52nd place.
The Czech Republic was cited as doing particularly well in terms of foreign trade. However, in regards of starting a business or obtaining a building permit, the World Bank report says there is still room for improvement.
The World Bank pointed out that last year, due to different data processing methodology and a different number of indicators, the Czech Republic ranked 35th. However, after this year’s recalculation, the Czech Republic moved down the ranking despite gaining the same number of points as last year.