BANDAR SERI BEGAWAN, Nov. 1 (Xinhua) -- Brunei Darussalam has been named the most improved economy in the world for three years in a row in the World Bank's Doing Business Report 2018, the Energy and Industry Department said on Wednesday.
The World Bank report, which measures the efficiency and regulatory environment of domestic businesses of 190 economies, records Brunei Darussalam jumping a significant 16 places this year to rank 56th worldwide, further narrowing the gap between Brunei and the top performing economy, the department said in a statement.
Within four years since 2014, Brunei has jumped 49 places from 105th to 56th. The significant improvements in Doing Business rankings over the past four years reflect the serious commitment of Brunei government towards creating a pro-business environment that would enable further diversification of the country's economy, it said.
The Asia-Pacific region had the highest number of economies recording the greatest overall number of reforms making it easier to do business, where Brunei is positioned at 11th, behind South Korea (3) and Japan (9); and ahead of rising Asian powerhouse, China at 18th; as well as India at 19th.