T&T Jumps Three Points in World Bank Rankings

November 12, 2013       |       Category: In the News/Media Releases

Trinidad and Tobago has placed 66 out of 189 countries in the World Bank’s Ease of Doing Business 2014 rankings. This is a three-point jump from last year’s position of 69 from 185. In its Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises report, released yesterday, the World Bank said in the Caribbean region, Trinidad and Tobago, along with Jamaica (94) and the Bahamas (84), took steps to improve their business regulatory environment over the past year. 

The highest-ranking Caribbean country was St Lucia at 64. Guyana ranked 115 and Barbados was 91.

Trinidad and Tobago was recognised for simplifying procedures for registering a new business. The country also featured in a case study highlighting efforts to lower the cost of connecting to the power supply. He said while making it easier to establish a new business was good for encouraging entrepreneurship, it did not really do much for already established firms. He said, however, he was happy to see Trade Minister Vasant Bharath, who was responsible for spearheading the ease of doing business mechanisms, was promoting efficiency and productivity in the public sector, which could only be a benefit to the country. 

—Carla Bridglal