Image by Dmitry A. Mottl
Russia has increased its ranking in the World Bank Doing Business report five places from 40th to 35th in the world, ahead of Belgium and Italy, and behind Japan.
“Last year, Russia ranked 40th based on categories evaluating the ease of starting a business, registering property, getting loans, paying taxes, and enforcing contracts.
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“Russia has steadily risen in the overall “Doing Business” rankings over the years. After the country had ranked 120th in 2011, President Vladimir Putin signed a “100 steps” decree the following year with the goal to reach 20th place by 2018,” reports The Moscow Times.
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Although Russia is very much an oligarchic economy, there is a lot of room to improve basic business practices and the Kremlin’s efforts have obviously helped the metrics for this ranking. If Russia is to get its economy growing aggressively again, it will have to improve the environment for entrepreneurs and the middle class, small business.