Bulgaria's Ranking Slips as Doing Business Becomes Tougher

Bulgaria has slipped two spots to 44 in the Doing Business index, indicating business environment in the country has become less favorable during the year as compared to other nations.

Bulgaria's ranking in the Doing Business 2010 report compiled by the International Finance Corp (IFC), the World Bank's private-sector lender, has fallen on account of deterioration in parameters like getting construction permits and procedures concerning imports and exports of goods.

On the positive side, Bulgaria marked a significant progress in making it easier for entrepreneurs to start a new business and get credit, which is just as hassle-free as in the United States, the report says.

For the first time, an African country, Rwanda, is the World Bank's biggest business reformer, followed by Kyrgyzstan, Macedonia, Belarus, United Arab Emirates, Moldova, Colombia, Tajikistan, Egypt and Liberia.

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