The Romanian business environment is less inviting than that in Macedonia (12), Estonia (16), Lithuania (20), Latvia (22), Georgia (24), Poland (25), the Czech Republic (36), according to the report published Wednesday.
However, Romania outranks countries like Bulgaria (38), Croatia (40), Hungary (42), Italy (45), Russia (51), Turkey (55) and Greece (60).
Romania is mentioned alongside China, France and Greece among the countries which reduced labor taxes and mandatory contributions. Thus, Romania reduced the social security contribution rate paid by employers from 20.8% to 15.8% from October 1, 2014.
Romania is also mentioned for making the use of an electronic auction registry mandatory, for improved provisions on treatment of contracts during insolvency, for having improved the likelihood of successful reorganization, and for introducing time limits on the reorganization process in the cases of insolvency.
Romania ranks 45th in 189 countries as regards the ease of starting a business, 105th in terms of obtaining construction permits, 133th in terms of access to electricity and 64th by the ease of registering property.
Singapore remained number one in the World Bank’s Doing Business top, followed by New Zealand, Denmark, South Korea, Hong Kong, the UK, the United States, Sweden, Norway and Finland. Germany ranks 15th, France ranks 27th and Spain is on the 33rd spot.