Developing economies such as Nigeria, India, Thailand and El Salvador have made the largest strides in improving their business climates while New Zealand and Singapore retained their top ranks for ease of doing business, the World Bank said Tuesday.
In an annual report on 190 countries' efforts to encourage investment and job creation by cutting red tape and reforming regulations, the global lender also said Sub-Saharan Africa was again the region which saw the most progress -- but countries there varied widely in performance.
"It is particularly gratifying to see that many of the reforms are being carried out in economies and sectors where they are most needed," Rita Ramalho, acting head of the bank's Global Indicators Group, said in a statement.
The five BRICS nations hold their annual summit in China. Kenya and Egypt are invited.
A Turkish firm is set to win a tender to build the $7.6 billion (7.1-billion-euro) railway in Tanzania. The contract had initially been awarded to a consortium of Chinese companies.
China's State Grid Corporation is set to build a $1.5-billion power line across Pakistan.
China's yuan is poised to enter the International Monetary Fund's elite SDR basket of currencies.
Economic growth, which soared to over 20 percent in 2007, has collapsed to less than two percent.