Doing Business in Surinam 2015: Country ranking according to the World Bank

February 25, 2015 3:43 PM
The World Bank very recently brought its report 2015 on how easy or difficult it is for a local entrepreneur to open and run a business in Surinam when complying with relevant regulations.
 
The report measures Surinam regulations affecting 11 areas in the life cycle of a business:
 
(1) starting a business, 
(2) dealing with construction permits,
(3) getting electricity,
(4) registering property,
(5) getting credit,
(6) protecting minority investors,
(7) paying taxes,
(8) trading across borders,
(9) enforcing contracts,
(10) resolving insolvency, and 
(11) labor market regulations.
 
In the above context, the World Bank report presents quantitative indicators on business regulations and the protection of property rights that is being compared across 189 economies, from Afghanistan to Zimbabwe, but also countries in neighboring Latin America and the Caribbean. The indicators were used by World Bank to analyze economic outcomes and identify what reforms have worked, where and why. To allow useful comparison with the country of Surinam, it also provides data for other selected economies (comparator economies) for each indicator.
 
The indicators refer to a specific type of business; generally a local limited liability company operating in the largest business city (Paramaribo). The data not only highlight the extent of obstacles to doing business; they also help identify the source of those obstacles, supporting policy makers in designing regulatory reform and helping investors assessing the local investment climate.
 
How Suriname and comparator economies rank on the ease of doing business relative to regional average, is shown below. 
 
Puerto Rico (U.S.) (Rank 47)
 
Jamaica (Rank 58)
 
Dominican Republic (Rank 84)
 
Dominica (Rank 97)
 
Regional Average (Latin America & Caribbean Rank 100) 
 
Guyana (Rank 123)
 
Suriname (Rank 162)
 
Haïti (Rank 180) 
 
From the above it can be concluded that the overall ranking of no. 162 (out of 189 countries) certainly gives room for improvement. This is the more so, now that the regional average of Latin America and Caribbean economies is 100. Surinam’s rankings on the topics “indicators” provide the perspective below:
 
  • Starting a business (181)
  • Resolving Insolvency (130)
  • Dealing with Construction Permits (79)
  • Enforcing Contracts (184)
  • Getting Electricity (69)
  • Trading Across Borders (106)
  • Registering Property (178)
  • Paying Taxes (71)
  • Getting Credit (171)
  • Protecting Minority Investors (171)
 
It shows that e.g. Surinam’s ranking as far as “Paying Taxes” is concerned is rather well (71 out of 189), but with respect to Enforcing Contracts its position is 184 (out of 189), which gives much room for improvement, also from an investor’s perspective. 
 
Author: Randolph van Eps, VanEps Kunneman VanDoorne
 

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