The World Bank has given Guyana a ranking of 124 in its Ease of Doing Business report. Last year Guyana was ranked at 140.
But while Guyana is doing better in terms of the ease of doing business, starting up a new business in Guyana may not be as easy. The same report has given Guyana a ranking of 99 when it comes to starting up a new business. Thats a downward move from last year’s ranking of 86.
Guyana has also received improved ranking in the areas of registering the business, getting electricity access and getting credit.
Among CARICOM countries, Jamaica leads the way when it comes to the ease of doing business. St. Lucia, Trinidad and Tobago, Dominica, Barbados, Belize and Antigua, have also received better ranking than Guyana. However, The Bahamas, St Vincent, St.Kitts, Grenada, Suriname and Haiti, all find themselves with a ranking below Guyana’s ranking.
According to the World Bank, the rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each consisting of several indicators, giving equal weight to each topic.
Additionally, the global financial institution has indicated that that the ranking by the report compares economies with one another; the distance to frontier score benchmarks economies with respect to regulatory best practice, showing the absolute distance to the best performance on each Doing Business indicator.