In its annual report “Doing Business 2017: Equal Opportunities for All”, the World Bank evaluated 190 economies and confirmed Mexico as the highest ranked nation in the region, followed by Colombia and Peru. Overall Mexico rose to 39th place out of 190 global economies in the World Bank Doing Business report.
The 32 reforms adopted last year by 22 countries in Latin America and the Caribbean to improve the business climate surpassed 24 registered during the previous period.
The World Bank concluded that starting a business in Latin America now takes an average of 32 days compared with 55 days five years ago.
Augusto Lopez-Claros, Director of Global Indicators Group of the World Bank said that the continuing of removal of obstacles is essential to the economies of the region in order to improve its business climate.
The report said that most of the reforms last year occurred in the area of taxes, followed by cross-border trade and business start ups.