Gulf countries climb World Bank business climate rankings, Latin America fades

WASHINGTON/RIYADH - Gulf countries sharply improved their rankings in the World Bank’s latest Doing Business report, while Latin American countries largely lagged in reforms and New Zealand took the top spot for the fourth year in a row.

Saudi Arabia climbed 30 places to 62nd, while Jordan climbed 29 to 75th, driven by reforms aimed at building more economic diversification, the World Bank said. “Everybody here in this region figured out we better diversify the economy in some direction and I think this is actually why the reforms are happening now.”

The World Bank confirmed Malpass’s attendance at the Future Investment Initiative, which aims in part to showcase Saudi Arabia as a business destination. U.S. Treasury Secretary Steven Mnuchin and presidential adviser Jared Kushner would also attend the conference after canceling last year, U.S. officials said.

Interesting. I was hoping Brazil and Chile would bring some hope and optimism to the region.

is it because they're so heavily air conditioned? 😇

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