African business climate changing fast: WB
AFP, Undated
Africa has the world's worst business environment but is reforming rapidly to scrap bottlenecks, red tape and antiquated laws, a World Bank report said Wednesday. The Doing Business Report 2007 by the World Bank and private sector arm, the International Finance Corporation, surveyed the business climate in 175 countries and rated Sub-Saharan Africa as the worst region in the world to conduct business. But it said Africa, the world's poorest continent, had made impressive strides in 2006 over the two preceding years when it "lagged behind all other regions in the pace of reform". Referring to a ranking of regions based on their reforms, the report added: "This year, it (Africa) ranks third behind only Eastern Europe and Central Asia and the OECD high-income countries.
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