World Bank’s Business Ready 2024 Report: New Data for a Dynamic Private Sector
A summary of the World Bank’s Business Ready 2024 Report:
New Global Business Report Launch: The World Bank introduces the inaugural Business Ready (B-READY) report to measure global business conditions, replacing the former Ease of Doing Business report (00:26).
Focus on Economic Growth: The report emphasizes creating a favorable environment for private sector investment as essential for poverty reduction, shared prosperity, and a low-carbon economy transition (00:58).
Broader, Balanced Metrics: B-READY evaluates business environments with a broader, balanced scope, including environmental, gender, social standards, and digital development factors, aiming for a holistic view beyond mere economic metrics (07:22).
Emphasis on Private Sector Vitality: Private investment is seen as crucial to economic recovery and stability, especially as public finances are strained in many countries (04:57).
Detailed Data and Transparency: The report provides 1,200 indicators per country across 50 economies to offer detailed insights into each country’s business readiness. All data and methodology are fully transparent and publicly accessible (08:56, 24:58).
Focus on Practical Application: B-READY seeks to help governments identify specific, actionable areas for reform, rather than promoting competition between countries based solely on rankings (11:54, 14:50).
Examples of Successful Economies: The report highlights examples like Singapore, Rwanda, and Georgia, showcasing effective business environments that foster growth despite varying income levels (30:08, 32:03).
Key Takeaways on Implementation Gaps: B-READY reveals that while many countries have robust business regulations, they often lack effective public services to support these regulations. This "public service gap" is three times larger in low-income countries (30:38).
Adaptability to Local Needs: The report’s findings enable tailored reforms, helping countries focus on specific business needs like infrastructure, digital access, and regulatory efficiency (21:02).
Future Expansion: The World Bank plans to expand B-READY’s reach to over 180 economies by 2026, with a commitment to continuous feedback and updates to improve accuracy and relevance (26:01, 01:27:43).
Reflective Question: How can governments and the private sector collaboratively prioritize reforms to close the public service gaps identified by B-READY, ensuring that economic regulations translate into real-world growth?