ICC Secretary General John W.H Denton AO has welcomed a new “Business Ready 2024” report from the World Bank as a significant tool for advancing private sector development.
Speaking at the World Bank’s launch event, Mr Denton said that the new assessment of the business environment of 50 economies captures the reality of the business experience and can pave the way for reform.
“The launch of this report is timely and is a valuable tool in global business advocacy. It helps amplify one of ICC’s key messages: That a thriving private sector enables peace, prosperity and opportunity for all. This message is all the more important today, when the global context in which businesses, big or small, operate is increasingly complex,” he said.
Mr Denton also pointed out the risks of the degradation of the multilateral system impeding on economic growth.
We will only be able to close the development gap, estimated in trillions, by 2030 if we can unlock private capital. And those funds won’t flow to any and all countries. They will go where there is a clear sense of opportunity, backed by a favourable business environment. So, thank you for sifting through comprehensive data to allow us to set a global roadmap in motion
John W.H. Denton
A roadmap for systems change
During the panel discussion, Mr Denton highlighted the imperative of trade digitalisation to streamline burdensome processes and enable market access, pointing out that 98% of bills of lading are currently still paper.
“The report will be practical in advancing that cause which is to effectively lower the cost of trading and increase efficiency and democratise access to it,” he said.
The B-Ready report includes data around three pillars: Regulatory Framework, Public Services and Operational efficiency and 10 topics: Business Entry, Business Location, Utility Services, Labour, Financial Services, International Trade, Taxation, Dispute Resolution, Market Competition and Business Insolvency.
We want to use the transparency of the report and the data. We want to use that to create real change in economies and we also understand that it’s not just in the gift of the economies themselves. There are other reforms that need to be made for access to finance. Macroprudential regulation is anachronistic, the way it operates and a lot of the discretion that is applied is actually no longer appropriate to deliver what is necessary here
John W.H. Denton
The Business Ready (B-READY) is the new World Bank Group corporate flagship report that assesses the business environment worldwide by providing a comprehensive data set and description of the factors that strengthen the private sector. It replaces and improves upon the former Doing Business project.
Watch the panel discussion with insights on the report from the launch event:
