Romania ranks 37 globally in World Bank’s business environment top

Romania is placed 37 out of 189 countries included in the “Doing Business 2016” top made by World Bank concerning the country’s business environment, according to Mediafax. Romania was placed 48 before, but the World Bank made adjustments to indicators used in making the top, bringing the country higher up the ranks.

The business environment in Romania is less welcoming than in Macedonia (12), Estonia (16), Lithuania (20), Latvia (22), Georgia (24), Poland (25), the Czech Republic (36).

Following Romania are countries like Bulgaria (38), Croatia (40), Hungary (42), Italy (45), Russia (51) and Turkey (55) and Greece (60).

Romania is next to China, France and Greece among the countries that have low levels of labor taxation and mandatory contributions. Thus, Romania has reduced employers’ social security contributions, from 20.8 percent to 15.8 percent in October 2014.

Romania is also mentioned for the introduction of mandatory electronic register for auctions and the improvement brought to provisions on granting contracts during insolvency and its rate of success. Still connected to the insolvency process, Romania has simplified procedures and has limited the period of implementation of the reorganization plan to three years. Romania is 46th when it comes to solving insolvencies.

Romania is ranked 45 of 189 in terms of ease of starting a business, on 105 regarding permits for construction, on 133 for access to electricity and 64 at property registration.

Our country places first in terms of international trade, seventh when it comes to access to credit, 57 at protecting investors in the minority, 55 when it comes to paying taxes and 37 in enforcing contracts.

Singapore remained first in the Doing Business ranking, followed by New Zealand, Denmark, South Korea and Hong Kong. Top 10 is completed by UK, USA, Sweden, Norway and Finland. Germany ranks 15, France 27 and Spain on 33.

Natalia Martian