Malawi has moved eight steps upwards on the World Bank Doing Business Index for 2017, moving from position 141 to 133 out of 190 global economies.
The annual report was released by the Brettonwoods institution in Washington on Wednesday. This is the second time in more than three years for Malawi to register positive movement on the doing business index.
The positive movement could be an indication that the reforms implemented by Capital Hill over the past years have started bearing fruits.
Minister of Industry, Trade and Tourism, Joseph Mwanamvekha, described the development as a step in the right direction, saying it is government’s wish to break into the top 100.
Mwanamvekha said the positive movement means Malawi is among the countries that are able to attract more investors.
“Over the years, we have worked on removing bottlenecks in doing business and this has helped the country to attract more investors,” he said.
According to the World Bank, a record 137 economies around the world have adopted key reforms that make it easier to start and operate small and medium-sized businesses.
The report finds that developing countries carried out more than 75 percent of the 283 reforms in the past year, with sub-Saharan Africa accounting for over one-quarter of all the reforms.
In its global country rankings of business efficiency, Doing Business 2017 awarded its coveted top spot to New Zealand with Singapore ranking second followed by Denmark.
The world’s top 10 improvers, based on reforms undertaken, are Brunei Darussalam, Kazakhstan, Kenya, Belarus, Indonesia, Serbia, Georgia, Pakistan, United Arab Emirates and Bahrain.