Impressive! Still short of the goal to be in the top 20 of the rating set by Putin in 2012 but climbing each year
Russia's economy was ranked 31st in the 2019 Doing Business report with a score of 77.37 (+0.61 year-on-year), according to the report published by the World Bank on October 31. While Russia advanced 4 places as compared to the previous report, it stopped short of the goal to be in the top 20 of the rating set by President Vladimir Putin in 2012.
Kremlin's press secretary Dmitri Peskov told Vedomosti that "the work will continue" and that "the dynamic, in any case, is positive". Overall the BRIC economies—Brazil, Russia, India and China introduced a total of 21 reforms in the past year, with getting electricity and trading across borders the most common areas of improvement.
Russia in particular improved in the “ease of getting construction permits” category, making the process faster. The quality control also improved by introducing risk-based inspections of construction projects.
Getting electricity also got faster by imposing new deadlines for connection procedures and by upgrading the utility’s single window as well as its internal processes. At the same time getting electricity was also made cheaper by reducing cost of grid connection.
Russia made trading across borders easier by prioritizing online customs clearance and introducing shortened time limits for its automated completion. All of the highlighted reforms apply to both Moscow and St. Petersburg.
Previously in October Russia moved two ranks up to 43 place in the Global Competitiveness Index (GCI) compiled by the World Economic Forum, and together with China (28th place) being the only two BRICS economies in the top 50 of the index. However, Russia was lagging behind on high tech potential in the index. In 2017 Russia slid 14 places to 26th place on Bloomberg's Innovation Index of the world's most innovative economies.
Russian president Vladimir Putin set the government the goal of entering the top 20 in the Doing Business ranking back in 2012 when Russia was languishing near the bottom of the table ranked 120.
Source: bne IntelliNews