Jamaica has again slipped in the World Bank’s ease of doing business ranking despite achieving an improved score in the 2019 edition of the annual report released on Wednesday.
The country is now ranked 75 out of 190 countries after falling five places. This represents the third year of decline due mainly to the improved pace of reforms in other countries.
According to the World Bank report, Jamaica’s overall score has moved from 66.92 to 67.47. That’s an improvement of zero-point-55 points.
Despite this Jamaica slipped five places in the ranking listed in the 2019 Doing Business Report from 70 to 75, due mainly to improvements in other countries.
Jamaica is currently ranked second in the Caribbean region behind Puerto Rico and ahead of Antigua and Barbuda.
Jamaica has also slipped by one spot in the ease of starting a business to be ranked sixth. This is once again despite an overall improvement in its score of 0.05-points.
Overall, Jamaica improved in six of the ten ease of doing business indicators to include dealing with construction permits, registering credit and getting credit. This was done through strengthened protection of minority investors by increasing the independence of boards of directors.
Two indicators remain unchanged from the previous year. One indicator declined, namely paying taxes. New Zealand remains the top-ranked country overall for doing business. It’s followed by Singapore and Denmark in second and third respectively.