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Q "I8"#. !08"& !"> @R 1#6[Q ;09M !08"& !"> Q m"p$-0 0! @I?."R"= Q (9XA& ?#G%&.
) @7#,". J>f] Q 0!<3AR1388 ;097\ "& 0 *K"^R !( (" ?-! Q @K"R *6=9M *j&0! @=!3&
) ",95 @^#kaM "I C(0( 2Q! "& V%$7R "I!9G> !( ("D$E02003-1979(" @=!3& *&
9M ?-! 3& @N."& _"T. Q !0("A& '0!Q0 !08"& @K"R "I!08"& *6=9M !"x< "& @a:0( tK":". ?#K
182 0(> !" D1EF G;(:E>/- ?( ,'(6 HI<0J1K A%(L$ HI=$ M(8 H1391
@,9a&"M "I C(0( 80 C("k$=040 2Q! 3& @7$XR *6=9M m"e !( Q *$/", *6=9M !9G>
YS0!"X$\0 Y1#K"6/ 1X+. "I3#p$R 80 !9T7R L,0 03& .?.0 *$:0(35 *$/", F#U6M "I!Q"$Gh
2Q! s"=0 3& !"gM ;(9& 8"& *B!( Q _!9M c3. Yv#DoM "AK"= u=9$R Y1KQ( �!"%R
@N."& _"T. *6=9M *> 1=0 ;< ",9h *K"^R L,0 �,"$. .?.0 C(3> C("k$=0 ",95 v."5 "I C(0(
t:"- 80 �, �#I Q (!0( @a:0( tK":". ?#K9M ij= 3& @$#UI0 "& 3x0 S?R ?7a& !( "A7M
.1=0 *$-0?. ("D$E0 ?-! c3. 3& @$#UI0 "& 3x0 @K"R *6=9M "I
) O",!"5 Q @7,`R Yv)"e (03R13873x0 *K"^R !( ( !Q"7/ S"\f]0 Q S"]"XM!0 3& "W/
V+> !">Q" !( *6=9M m"e !( Q *$/", *6=9M "I!9G> 80 CQ3h Q( *& �9&3R "I C(0( 80
@."R8 C!Q(2008 -2000 F#U6M S"6&3R vE0?e 2Q! 80 C("k$=0 "& Q ?.0 C(3> C("k$=0
"W/ :?7$/", 1=( �,"$. L,0 *& *$/", !"> Q V+> Q J%& S!"gM @N, @B!": 80 }0`B0
v#NGM C?7I( u#oR ("D$E0 �, !9G> 1=0 *> *& @&9: ?7.09$#R 80 "A$#a&"E !Q"7/
S"\f]0 Q S"]"XM!0 3x�$R �,"$. ?.9- *K"^R 1,"Ne 80 3#x�M !Q"7/ !0("76R S"\f]0 Q
S"]"XM!0 3& "W/ !">Q V+> Q v#A+M !"gM "I!9G> !( *6=9M *$/", Q .t%GR" ;(9&
L,0 3x0 "I!9G> !( !( m"e *6=9M (!0(. L,?& "76R *> *6=9M "I!9G> *$/", ?.0 *$+.09M
80 "A$#a&"E Q ",0`R !Q"7/ S"\f]0 Q S"]"XM!0 !( 3#+R ?-! (9: C("k$=0 .?7,"U. *N.< m"e
!( "I!9G> !( m"e *6=9M 3x0 !Q"7/ S"\f]0 Q S"]"XM!0 3& "W/ !">Q V+> Q Mv#A+
!"gM 1+#. s9+oR.
2-3%() * +,) WX($ -(<&4Y ; #K*% 78%&' .1
u#oR V+> Q !"> !( �, z,36M @a> *\9UgR @aR09\ 1=0 *> 3& (3NaU\ C"d7& 3#x"M @R
(!04h "R0 3,?R C"d7& @U. ?.09M ;< 0! *& 1K9A= 3##pM ?I( Q "M @."R8 *> u#oR V+> Q !">
(9XA& ?&"#. (9XA& (3NaU\ C"d7& "I Q !9j& @a> J%& @)9D: ;"NR0 3,45 @U. ?-"&.
!( L,0 "$=0! Q "& *B9M *& 1#UI0 �9[9R Y�."& @."AB "& C("k$=0 80 t:"- V+> Q !"> *&
@=!3& Q @&",8!0 YL#.09E S0!3^R Q *\9UgR @aR09\ *> "U#^$+R 3& Q! _"g.0 V+> Q !"> Q
?-! ("D$E0 "I!9G> R�?.3x *$:0(35 Q _0?E0 *& *XM! ?7& "I!9G> "AB; R@ ,"U..? *XM!
1. Doing Business Index
8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 183
3I !9G> 3& s"=0 @j=9$R 80 *XM! 0`B0 v#NGM C?7I( 3I t:"- L##6M @R (9- .
*N,!9j& *|."7H !9G> 80 3T. L#.09E Q S0!3^R J-95 C?7I( 1#K"6/ "I Y ("D$E0 3#T.
;9."E (Q!Q *& Y!08"& Y@d$+N-!Q L#.09E v#NGM vl"GR ?,?B Q C3#l Q #.` *\9UgR vR09\
R�3x 3& (3NaU\ "AI"d7& Q !( v> V+> Q !">Y C?.!0(8"& ?-"& !( *XM! ?7& !9G> !(
"A."NR @,"A$.0 !03E @R (3#h.
�9D:!( O9H!"H (9XA& "W/ V+> Q !"> Q @,"="7- JK"H "I (9B9R 1AB }"^M!0
1#6[Q V+> 0 !"> Q V+> "W/ 1K9A= v> *XM! 0?$&0 Y;03,0 !( !">Q "I m"= !( ;03,
1390-1384 mQ?B)(3#h @R !03E @=!3& (!9R (1=0 C?- _f\0 @."AB �."& u=9M *>)
1 "I m"= !( *]9&3R "I t:"- 3,8 y�= Q (1385 Q1390 !03E v#aoM Q *,`gM (!9R
mQ0?B)1=0 C?- *+,"^R V%$7R "I!9G> !( t:"- L#d."#R "& Q 1=0 *$/3h10 -2 .(
mQ?B1*XM! . 03,0; !( ;"AB !( t:"- 1K9A= _"g.0 V+> Q !">
m"= 1384 1385 1386 1387 1388 1389 1390
*XM! 113 119 138 142 137 129 144
"I!9G> (0?6M 113 155 175 178 181 183 183
IFC, Doing Business in 2005-2011
"& ;03,0 *XM! (9- @R C?I"GR *> !9j."UI31 m"= 80 )mQ`. *a51384 "M1390 *B09R (
80 Q C?-113 *&144 !( !"> Q V+> ~.09R *> 1=0 ;< L#XR 3R0 L,0 .1=0 C?#=!
*> @,"I t:"- @=!3& ?=! @R 3T. *& L,03&"7& .1=0 C(9& ;03,0 80 3M F> Y3d,( "I!9G>
C�,Q 1#UI0 80 ?.3#h @R !03E C("k$=0 (!9R !"> Q V+> "W/ 1K9A= v> *XM! *X="oR !(
:3& 0 .(0( !03E @=!3& (!9R *XM! L,0 mQ`. �"oK 80 0! ;03,0 1#6[Q ;09$& "M ?7-"& !0(!9
:80 ?7M!"X\ "I t:"- L,0
�Q3- V+> Q !"> ?7,<3/) 1Xx (1>3-
4:0 "I89gR *\9UgR) S"R0?E0 4:0 y#="M 89gR "M C0! 80?.0 �, C"h!"> 0! vR"- @R ((9-
m"p$-0
1Xx ?7,<3/)m09R0 _8b 1AB 1Xx (@,0!0 !( 3$/( ("7=0 @U=! @R (?-"&
4:0 S0!"X$\0
184 0(> !" D1EF G;(:E>/- ?( ,'(6 HI<0J1K A%(L$ HI=$ M(8 H1391
1,"Ue @,"WE 80 ;0!0?R"A= }`B
1:0(35 S"#K"R
S!"gM 83R03/
"I(0(!03E ;?- 03Bb0 _8b
!"> Q V+> ;?- v#j6M
03B0 1K9A= Y"I!9G> 3,"= "& !9G> 3I !"> Q V+> u#oR *+,"^R Q 3#h C80?.0 "7XR
.?-"& @R C?- {3jR "I t:"- 3I _"g.0 ve03R Q *7,`I Y;"R8 V+e3& !9G> 3I *XM!
3$G#& 1#K"6/ �, _"g.0 1\3= *H 3I .(9- @R t%GR YC?- {3jR "I t:"- 80 �,
3M V="7R !9G> ;< !"> Q V+> u#oR ?-"& 3$U> ;< "I *7,`I Q !0(0 ve03R (0?6M Q
mQ?B .1=0 3$A& "I!9G> 3,"= "& *+,"^R !( ;< *XM! Q2 3,8 *XM! "W/ "I t:"-
m"= Q( !( 0! !"> Q V+>1385 Q1390 :?I( @R ;"G. ;03,0 !( 0! *XM! 3##pM L#7|UI Q
mQ?B2 .t:"- C( "I !"> Q V+> "W/ @&",8!0 *."h
t:"- 3,8 "W/ 2!0`h !( *XM!
!"> Q V+>1385
"W/ 2!0`h !( *XM!
!"> Q V+>1390 *XM! !( 3##pM
!"> Q V+> �Q3- 64 42 22-
_8b "I89gR 4:0 167 143 24-
m"p$-0 141 147 6+
m09R0 1Xx 143 156 13+
S0!"X$\0 4:0 65 89 24+
}`B ;0!0?R"A= 80 1,"Ue 156 167 6+
S"#K"R 1:0(35 96 115 19+
83R03/ S!"gM 87 131 44+
"I(0(!03E ;?- 03Bb0 _8b 33 49 16+
!"> Q V+> ;?- v#j6M 109 111 2+
IFC, Doing Business in 2007 & 2011
Q V+> "W/ 1K9A= v> *XM! *& �9&3R *."h C( "I t:"- @=!3& Q *+,"^R *& v,w !(
:1=0 C?- *$:0(35 ;03,0 !( m"= Q( !( !">
8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 185
?"&@" %0 %() * +,) O*&$ WX($ 1
t:"- *X="oR !( t:"- 3,8 Y!9G> 3I 03& @a)0 *kK9R "7XR 3& "I "I (!9R uXM3R
@R !03E @&",8!0 ?.3#h.
mQ?B3;03,0 !( !"> Q V+> �Q3- t:"- .
!"> Q V+> �Q3- t:"- m"=
1385 m"=1390
!( t:"- L#d."#R
V%$7R "I!9G>1390
v> *XM! 64 42 81,1
!0(0 ve03R (0?6M 8 6 8,3
8"#. (!9R ;"R8 47 8 54,5
(*.03= ?R<!( 80 ?)!() C?- P3) *7,`I 5,4 0.4 15,8
(*.03= ?R<!( 80 ?)!() 8"#. (!9R *,"R3= vE0?e 1,3 8.0 9,8
IFC, Doing Business in 2007 & 2011
;"7|.< *> !( mQ?B ;"G. C(0( C?- 1#6[Q �Q3- V+> !">Q !( m"= !( ;03�,0
1390 m"= *& 1X+.1385 !( ;< L#d."#R *& 1X+. t:"- L,0 Q 1=0 *$/", (9XA&
9G>_"g.0 *> (!0( !03E @X="7R 1#6[Q !( V%$7R "I! @:3& S"ef)0 Q C("= 8"=
?.Q! !0(0 1Xx 1>3- "I !( m"= "I 3#:0 *$+.09M *XM! ,0;03 0! !( �,0L t:"�- (9XA&
?G%& *> (9: ;"G. 80 C("= Q ;"=< 3M -;? l<8" +>V Q >!" (!0( .
Z@"&$ UX" J1[;2
3& s"=0 *XM! t:"- u,03- 4:0 89gR !( ;03,0 YV%$7R "I!9G> "& ;< *+,"^R Q
!"#+& t:"- L,0 *> 1=0 (9AGR (Q?oR C?77> Q C?.!0(8"& Q C(9& ?.09M @R S03��x0
!"��X.",8 J,0`/0 ?��7."R 1U#E _"UM C?- 1:"=3,8 Y"I P03D.0 J%& @)9D: 80
1#K"6/ ("D$E0 ", J,0`/0 1#K"6/ "I ;Q?& 89�gR Q @7#R83,8 !0 *& m"X.( *$-0( ?-"& .
1. Starting a Business
2. Dealing with Construction Permit
186 0(> !" D1EF G;(:E>/- ?( ,'(6 HI<0J1K A%(L$ HI=$ M(8 H1391
,0L �-u,03 =1% H3h0* !( =m" I " :03# XA&(9 $/",Y* R0" XM!* a6/@ G.;" @R ?I( !(
*+,"^R "& "I!9G> "#.( 1#6[Q V="7R". 1=0.
mQ?B4;03,0 !( 89gR 4:0 t:"- .
89gR 4:0 t:"- m"=1385 m"=1390 !( t:"- L#d."#R
V%$7R "I!9G>1390
v> *XM! 167 143 104
!0(0 ve03R (0?6M 21 17 19
8"#. (!9R ;"R8 668 322 204
(*.03= ?R<!( 80 ?)!() C?- P3) *7,`I 684,5 382,3 442
IFC, Doing Business in 2007 & 2011
M(Y $"1
t:"- 80 @X#>3M (9: *> t:"- L#R9= 80 ;< !( `#. ;03,0 Q 1=0 za$%R Q (?6$R "I
3& @&9: C"d,"B!0(!9: Y1+#. t:"- L,0 !( ;"R!9G> *XM! *> 1=0 m"p$-0 t:"-147
L#R"M Q !"> *+=9R ?,"& L,03&"7& Y1=0 2fM Yt:"- L,0 (9XA& @K9$R ;097\ *& @\"U$B0
?I( _"g.0 C89e L,0 !( ;"R!9G> C"d,"B "^M!0 03& @.0Q03/ Q C(3G/ t:"- 3,8 *N7,0 "& .
m"= !( "I1390 m"= *& 1X+.1385 "& *+,"^R !( t:"- L,0 *XM! "R0 1=0 *$/", (9XA&
1=0 b"& !"#+& 3d,( "I!9G>2.
1 Employing workers
2 !( t:"- L,0 *& �9&3R !"R<doing business 2011 03& t:"- L,0 L#d."#R L,03&"7& (9X. (9B9R
V%$7R "I!9G> m"= !(1390 .1=0 C?G. *X="oR
8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 187
mQ?B5m"p$-0 t:"- .
m"p$-0 t:"- m"=1385 m"=1390
v> *XM! 141 147
_0?%$=0 !09-( 78 11
P"j6.0 !"> S"\"= 3,45 60 60
�03:0 !09-( 10 50
IFC, Doing Business in 2007 & 2011
\25 7@"%"0 (<1
*XM! *& 1=( C?R< 03& Yv,w mQ?B !( ;03,0 ;"G. 80 u,03��- !"#�+& V�="7R". 1�Xx
@�,0!0( "��I Q '9��^e 1#NK"R !( ;03��,0 1X�+. *��& 3,"�= !9�G> "��I (!0( .�\fCQ
3��& L�,0 JI"�> 13 *��XM! 0 ;03�,0 "��& (9�BQ _?��\ 3#��#pM 3��,("^R 8t:"-3,
Y"I @>"e 80 (9XA& L,0 t:"- !( "I!9G> 3d,( .1=0
mQ?B6;03,0 !( @,0!0( 1Xx t:"- .
IFC, Doing Business in 2007 & 2011
5Q"%(2 F" UX" .2
C"d7& @M"#e �X. FNe !( @N."& S0!"X$\0 Q Sf#A+M 4:0 1#K"6/ Q "I J%& ("D$E0 "I
!9oR 80 @N, Sf#A+M L,0 *& @=3$=( 1\3= 1K9A= ;0`#R Q 1=0 @)9D: L,3M
1. Registering Property
2. Getting credit
@,0!0( 1Xx t:"- m"=1385 m"=1390 !( t:"- L#d."#R
V%$7R "I!9G>1390
v> *XM! 143 156 79
!0(0 ve03R (0?6M 9 9 6
8"#. (!9R ;"R8 36 36 39
!( 80 ?)!() C?- P3) *7,`I(*.03= ?R< 5.10 5.10 4
188 0(> !" D1EF G;(:E>/- ?( ,'(6 HI<0J1K A%(L$ HI=$ M(8 H1391
t:"- ( !"> Q V+> "W/ �, "I1=0 !9G> 3I ("D$E0 !J^. . "I!08"& @K"R !(
O4B 80?.0 y5 "I Q t#D%M ;< L#& C"d7& "I 03& !04h *,"R3= 1=0 t%GR "R0 *$N.
!( 1K":( 1KQ( !( L,0 !08"& 1=0 *> VB9R t#D%M *7#A&3#l ~&"7R Q ("g,0 C`#d.0 1.0!
@,9B Q ("��+/ @�R (9�-.
mQ?B7N."& Sf#A+M 1/",!( t:"- .;03,0 !( @
@N."& Sf#A+M 1/",!( t:"- m"=1385 m"=1390 !( t:"- L#d."#R
V%$7R "I!9G>1390
v> *XM! 65 89 69
;9."E ?7U.09M 5 4 5
!"X$\0 S"\f]0 3 4 4
@$KQ( J%& @g7=!"X$\0 S"\f]0 J-95 7.13 7.22 16
@)9D: J%& @g7=!"X$\0 S"\f]0 J-95 0 4,5 22
IFC, Doing Business in 2007 & 2011
JI"> 24 *XM! 0 ;03,0 !( L,0 t:"- !( m"= 1390 ;"G. 80 ?& M3 -;? -u,03
+MSf#A &@N." Q =1% ;?�- =0C("k$ J%& @)9D: 80 L,0 Sf#A+M (!0(
6\@(L] . J" G@(;&8 ?"%"UV1
*,"R3= 80 @,"WE 1,"Ue *^ae 80 @N, ;0!04h 3#g.8 !( FAR Q ?#a> "I "W/ (9XA& C
*,"R3= 9= 80 _8b 1#7R0 s"+e0 ;Q?& *> 03H 1=0 ("D$E0 !( !"> Q V+> Q ;0!04h
@R L#& 80 ;< !( 1#K"6/ Q ("D$E0 !( !9We C`#d.0 ("D$E0 ;b"6/ (Q!. (9�XA& t:"�-
~/"7R ;0!04h *,"R3= 80 1,"Ue (?6$R (!0( 80 *aUB J,0`/0 Fge *,"R3= !04h Q
JI"> `>3UM 1#NK"R *> (9: VB9R *6=9M "I!08"& @�K"R Q ?-! Q �.Q! ("D$E0 @R
(9-.
1. Protecting Investors
8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 189
mQ?B8;03,0 !( ;0!04h *,"R3= 80 1,"Ue t:"- .
;0!04h *,"R3= 80 1,"Ue t:"- m"=1385 m"=1390 !( t:"- L#d."#R
V%$7R "I!9G>1390
v> *XM! 156 167 65
3h"G/0 ij= 5 5 6
,?R 1#KQ9+R C80?.0;03 4 4 5
S"\f]0 *& ;"=< @=3$=( 0 0 5
;0!04h *,"R3= 80 1,"Ue @,".09M 3 3 5
IFC, Doing Business in 2007 & 2011
s"=03& @R '9/ mQ?B ;09M "\(0 *> (3> 8"& FI u,03- ;03,0 !"#+& C?.!0(8"& &C(9 Q �XM!*
,0;03 !( I m"= " :03# &" &"x1 ;?."R u,03- !( *+,"^R "& "=3, !9G> "I *> "AK"= 1=0
_"g.0 @M"ef)0 L,0 L#7H 0! l<8" >C(3 .0Y? >JI" $/",* .1=0
7\X"0&^ . Q(4_(;1
J,0`/0 c3. S"�#K"R Y("D$E0 !( *�7,`I 0! 1�#K"6/ J,0`/0 Z?I( @R L,03&"7& 1=0 LNUR
C"d7& 0! 80 1#K"6/ 8"& (!0( ", *& *N7,0 1#K"6/ "I @U=!3#l (!Q< Q! Q 80 P3] 3d,( "&
*& *B9M J,0`/0 !03/ ~E0Q !( ;03,0 !( @M"#K"R C80?.0 ("D$E0 @U=!3#l J,0`/0 @R ?&",.
@U=! 1#K"6/ 03& 0! "W/ V="7R @M"#K"R F$+#= �, *�0!0 "& ?.09M @R 1KQ( L,03&"7&
3#l "I 1#K"6/ S"#K"R c3. @="7-!">3#l J,0`/0 "& ", Q ?7> 1,9^M @)9D: J%&
0! @U=!.?I( 23$+h CQf\ y5 3& c3. YS"#K"R F$+#= @M"#K"R Q @d.9dH ~,89M !"&
@M"#K"R `#. !( C80?.0 ("D$E0 @U=!3#l @R ?.09M 3x�R ?-"& .
1. Paying Taxes
190 0(> !" D1EF G;(:E>/- ?( ,'(6 HI<0J1K A%(L$ HI=$ M(8 H1391
mQ?B9;03,0 !( S"#K"R 1:0(35 t:"- .
S"#K"R 1:0(35 t:"- m"=1385 m"=1390 !( t:"- L#d."#R
V%$7R "I!9G>1390
v> *XM! 96 115 98
S"#K"R �09.0 (0?6M 28 20 30
C?- P3) ;"R8 292 344 432
S"#K"R v> c3. 4.46 1.44 41
IFC, Doing Business in 2007 & 2011
*XM! ;03,0 m"= !(1390 ;"G. 80 u,03- ;?- 3M?& F$+#= @M"#K"R m"= *& 1X+.1385
(!0( .*> 1=0 1=!( (0?6M S"#K"R "I (9XA& Y*$/", "R0 *7,`I 1)3/ Q ;"R8 P3) C?-
03& 1:0(35 S"#K"R F#:Q 3M C?- *& !9] *> *XM! Y;03,09 *a5 JI"> *$/", 1=0 .
.?I( @R ;"G. `#. 0! t:"- L,0 ;?- 3M?& V%$7R "I!9G> "& ;03,0 1#6[Q *+,"^R
8Q%([6 . 7`%(X
83R03/ S!"gM �o& @K9$R ;097\ *& !9G> S!"gM *6=9M ;"R8"=Y `,! *R".3& 03&
@N, *> t:"- L,0 (9XA& "& .(!0( C?A\ *& 0! t:"- L,0 (9XA& 80 *6=9M �Q3- ("D$E0
!9G> "I ~.09R Y1=0 1%= 0 */36M Q *�/36M3#l *& Y;"."h!8"& "5 J#5 *> 0 C�,Q !(
"I!9G> !( m"e .?- ?I09: 3M vA= (!0( (9BQ Y*6=9M
L,0 t:"- `#. "& J,0`/0 �, 44 *a5 0 !( !*XM *& 1=( YC?R< ;"G. 80 ?& M3 -;?
-u,03 gMS!" !( ,0;03 (!0( .
8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 191
mQ?B10;03,0 !( @B!": S!"gM t:"- .
@B!": S!"gM t:"- m"=1385 m"=1390 !( t:"- L#d."#R
V%$7R "I!9G>1390
v> *XM! 87 131 94
S0!(") 1AB 8"#. (!9R ("7=0 (0?6M 5 7 7
!(") 03& C?- P3) ;"R8S0 26 25 21
S0!(") 03& 8"#. (!9R *7,`I 700 !b( 1090 !b( 1370 !b(
S0(!0Q 1AB 8"#. (!9R ("7=0 (0?6M 11 8 7
S0(!0Q 03& C?- P3) ;"R8 38 32 22
S0(!0Q 03& 8"#. (!9R *7,`I 1220!b( 1735 !b( 1438
IFC, Doing Business in 2007 & 2011
9 . a4L.6 (<0"0%"&!1
_8b t:"- *XM! V+> "& "I(0(!03E ;?- 03Bb049 m"= !(1390 !( 0! 1#6[Q L,3$A& Y
t:"- 3,"= ;"#R 1=0!0( ;03,0 "I "I!9G> !( t:"- L,0 L#d."#R *& 1X+. Q
.1=0 @X="7R *XM! 0!0( ?=! @R 3T. *& YV%$7R @=!3& 80 ;"G. ;03,0 !( t:"- L,0
9]b.@ &;(9 e03Rv =!(0(Y@ !(;03,0 (!0( *> 1."U[ 03B0 (0(!03E "I 0! &" GRvN &Q!*
Q! (8"= @R Q B9RV WMz#6 Q ^e'9 #NK"R1 R@ -Z(9 L,03&"7& 8"= C("= ?7,<3/
@=!(0( Q 1#/"k- Q 1#6]"E !( SQ"WE VB9R (9XA& W/ " +>V >Q!" Q .Q!� D$E0 ("
@R (9- .
1. Enforcing Contracts
192 0(> !" D1EF G;(:E>/- ?( ,'(6 HI<0J1K A%(L$ HI=$ M(8 H1391
mQ?B11;03,0 !( "I(0(!03E L#UWM t:"- .
:"-"I(0(!03E L#UWM t m"=1385 m"=1390 !( t:"- L#d."#R
V%$7R "I!9G>1390
v> *XM! 33 49 85
@=!(0( ve03R (0?6M 23 39 38
8"#. (!9R ;"R8 520 505 579
(*.03= ?R<!( 80 ?)!() C?- P3) *7,`I 12 17 27
IFC, Doing Business in 2007 & 2011
107E4bc6 . +,) %()*1
:"- "W/ t:"- !( @=!3& (!9R t:"- L,3:< Y!"> Q V+> ;(3> v#j6M 1K9A= t
!9G> !"> Q V+> *XM! ;< !( ;03,0 *> 1="I111 @=!3& 3& "7& Q 1=0!0( 0! �."& "I
(@d$+N-!Q _f\0) !"> Q V+> v#j6M 03& C?.Q35 v#NGM 0?$&0 80 ;"R!9G> !( @."AB "M
;0!"NXa] "& vR"> O"+e *,9+M5/4 @R m9] m"= Q ?G>9 !( C"d7& m09R0 28!0 ?)!(
*7,`I VK"E @R �3: za$%R ve03R !( @.9."E "I "M ;0!"NXa] L#7|UI .(9-23 80 ?)!(
1>3- m09R0 28!0 @R 4:0 S"XK"jR "B *& 0! *$+N-!Q .?77> L,0 1#6[Q (9XA& 03&
h!"> v#NGM "& *#,"WE C9E @,"WE *6=9M Q @E9^e 1.Q"6R t:"- !( (!0( 3T. !( @IQ3
C"h(0( !03E3& Q m09R0 Q nfR0 1Xx ?7,<3/ ;?- C`#."NR *& 1X+. S?R?7a& "I
.?7> _0?E0 !"gM @)"D$:0 ~/! L,03&"7& S0!3^R C?#|#5 Q ?�08 !( L,0 *7#R8 Q (08<
C"d7& "I ("D$E0 03& V+> *&3gM 80 1+N- I" Q GM�,9 *�& -�Q3 C!"&Q( @R ?.09M
ij= &*7#A 0 80 m"p$-0 Q *,"R3= !04h 0! ("g,0 (9-. *XM! ;03,0 !( m"= 1390 "& (9BQ
_?\ 3##pM t:"- "I @�`B 2 *a5 mQ`. *$-0( *> ;"G. @R ?I( "I!9G> d,(3 !( L,0
*7#R8 (3NaU\ 3$A& ?.!0(. *& 3,8 mQ?B *& *B9M "& Fl! J,0`/0 c3. Ym9)Q *XM! ;03,0 !(
*+,"^R "& d,(3 G>9! IY" -u,03 03& C?.!0(8"& 1#K"6/ J%& @)9D: .?I( @R ;"G. 0!
1. Closing a Business
8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 193
mQ?B12;03,0 !( !"> Q V+> @a#j6M t:"- .
!"> Q V+> @a#j6M t:"- m"=1385 m"=1390 !( t:"- L#d."#R
V%$7R "I!9G>1390
v> *XM! 109 111 85
8"#. (!9R ;"R8 5.4 5.4 3,1
R<!( 80 ?)!() C?- P3) *7,`I(*.03= ? 9 9 14
m9)Q c3. 7.19 1.23 33,5
IFC, Doing Business in 2007 & 2011
3 M#; Gd"%" .
;03,0 (!9R *6K"jR *& 1,"7\"& Q 9K9= 9dK0 *& *B9M "&1Y *& ;09M @R 0! 9K9= 9dK0
:(0( !03E C("k$=0 (!9R ;03,0 03& 3,8 S!9)
Y= f ( INFLATION, POP, G, L, CAPITAL, FDI, BE2)
:1-9. 3,8 S!9) *& ;09M @R 0! ("D$E0 ?-! *& �9&3R *j&0! L,03&"7&
Growthit = !0 + !1Inflationit + !2Popgit + !3Goverit + !4Laborit +
!5Capitalit + !6FDIit + !7BEit + #it
:;< !( *>
Growthit !9G> ("D$E0 ?-! c3. :i m"= !(t
Inflationit: _!9M c3. !9G>i m"= !(t
Popgit !9G> 1#6UB ?-! c3. :i m"= !(t
Goverit !9G> @a:0( tK":". ?#K9M *& 1KQ( �!"%R 1X+. :i m"= !(t
Laborit !9G> !"> Q3#. ?-! c3. :i m"= !(t
Capitalit !9G> 1&"x *,"R3= v#NGM ?-! c3. :i m"= !(t
FDIit @B!": F#^$+R !04h *,"R3= 1X+. : !9G> @a:0( tK":". ?#K9M *&i m"= !(t
1 ) !"#$:0 _03A- Q @U#U) 3k6B ?Ue01388(
2 Business Ease
194 0(> !" D1EF G;(:E>/- ?( ,'(6 HI<0J1K A%(L$ HI=$ M(8 H1391
BEit !9G> !"> Q V+> "W/ *XM! :i m"= !(t
#it mf:0 }`B :
@."AB �."& @M"\f]0 �."& 80 Ym?R !( (9B9R "I3#p$R 80 �, 3I *& �9&3R S"\f]0
.1=0 C?- �03%$=0
80 3Mb"& ?R<!( *> @,"I!9G> );03,0 ?R<!( CQ3h "I!9G> (0?6M u=9$R ?R<!(
(?.!0(53 *& �9&3R S"\f]0 80 �#^oM L,0 !( *> 1=0 !9G>25 @."R8 C!Q( !( !9G>
1390-1384 C!Q( !( "I!9G> 80 CQ3h L,0 ;9H 1=0 C?- C("k$=01388-1384 }`B
"I m"= !( Q u=9$R ?R<!( 80 3$U> ?R<!( "& "I!9G>1389 Q1390 "& "I!9G>}`B
R<!( 80 3Mb"& ?R<!( L,0 L,03&"7& ?.0 C(9& u=9$R ?25 CQ3h "I!9G> }`B !9G>
.?.0 C?- O"%$.0 ;03,0 ?R<!(
3-17@1E'(6 -(< A0"0 e*% J" 1f_" 0%*g&' .1
:1=0 3,8 ve03R vR"- @,9a&"M "I C(0( 80 C("k$=0 "& m?R (!Q<3&
"I C(0( Q! 3& t#%GM "I ;9R8<
C(0( S!9) *& m?R (!Q<3& 1#a&"E ;9R8<@,9a&"M "I
@/("DM S03x0 ", 1&"x S03x0 L##6M ;9R8<
."I3$R0!"5 (!Q<3&
mQ?B13 L,0 !( C("k$=0 (!9R "I3#p$R Q! 3& @6UB FI ?e0Q *G,! ;9R8< �,"$.
.?I( @R ;"G. 0! @o#[9M "I3#p$R Q *$+&0Q 3#p$R ;097\ *& ("D$E0 ?-! @76, JIQ�5
5 L,0 !( (9- @R *TefR *> !9] ;"UI "I ;9R8< 80 @,","5 ;9R8< _"g.0 03& JIQ�
(!"I2 (9BQ _?\) !0?,"5". 3& @7XR ;9R8< Q( 3I !( 3k) *#[3/ .F,0 C(3> C("k$=0
C!"R< !0?^R *|."7H 04K Y1="I3#p$R (?e0Q *G,!z @.03o& !0?^R 80 3M �!`& C?- *X="oR
". 3& @7$XR 3k) *#[3/ Y?-"& �,0! ;"7#U]0 {9j= *& �9&3R @=!3& .?- ?I09: (! !0?,"5
"I C!"R< 3,("^Rz (! m"U$e0 *> ?I( @R ;"G. "I ;< 23,45 m"U$e0 Q C?- *X="oR
1. Panel Data
2. Hardi
8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 195
Y"I3#p$R 3k) *#[3/95 mQ?B S"\f]0 *& *B9M "& .1=0 3Mb"& Q ?)!(13 @R *g#$.
;"7#U]0 ij= !( YJIQ�5 L,0 !( C("k$=0 (!9R "I3#p$R _"UM @6UB @,","5 F,3#h95
.(9- @U. (! ?)!(
mQ?B13@6UB FI ?e0Q *G,! ;9R8< �,"$. .1 m?R "I3#p$R Q! 3&
3#p$R _". Hardi Z-Test
Prob. Value
Growth 0,000 8010.8
INFLATION 0,000 9117.8
FDI 0,000 9317.4
POPG 0,000 6696.9
Gover 0,000 1110.9
Laborg 0,000 592.7
Capitalg 0,000 0493.4
EB 0,000 2205.9
!0`/0 _3. 80 C("k$=0 "& C?- _"g.0 S"X="oR :~X7REviews6
*> (9U. v)"e ;"7#U]0 ?,"& v."5 ", @,9a&"M "I C(0( (!Q<3& 2Q! 80 Ym?R (!Q<3& 80 J#5
C?- (!Q<3& V,03[ SQ"kM Y;9R8< L,0 !( .(!0?. (9BQ @6UB S!9) *& (!Q<3& ;"NR0
"I!9G> �M �M 03& 3,8 C!"R< �,3] 80 @6UB "I C(0( 80 v)"e C?- (!Q<3& V,03[ "&
C?- (!Q<3& V,03[ ;"#R @MQ"kM *> 1=0 ;< ;9R8< L,0 3k) *#[3/ .(9- @R @=!3&
*> @76R L,?& Y(!0?. (9BQ @6UB ;9#=3h! C?- (!Q<3& V,03[ Q ~]"^R �M �M 03&
9a&"M "I C(0( 80 C("k$=0 "& m?R (!Q<3& *& @RQ`K.(!0?. (9BQ @,
Fobs = {(ée0-éea)/(N-1)}/{ éea/(NT-(N+K))}=F{(N-1),(NT-N-K)}
éeo?#^R m?R :2
éea?#^R". m?R :3
1. Common Unit Root
2. Model Common
3. Model Fixed Effect
196 0(> !" D1EF G;(:E>/- ?( ,'(6 HI<0J1K A%(L$ HI=$ M(8 H1391
Y*j&0! L,0 !(éeo Q 3&03& FI "& ~j^R 3x0)?#^R ;9#=3h! m?R "I"j: !Q4gR �9UgR
Q 1=0 (.?-"& 3k) Q"+Réea )?#^R". @.9#=3h! *K("6R "I"j: !Q4gR �9UgR S03x0
.?-"& @R (.(9- (!Q<3& @,9a&"M "I C(0( S!9) *& m?R ?,"& Q C(9X. !0("76R ~j^R
"I("U. L#7|UIN YT QK 80 �, 3I !( (9B9R S0?I"GR (0?6M Y~]"^R (0?6M V#M3M *&
C!"R< Yb"& ;9R8< C!"R< .1=0 m?R !( (9B9R "I3$R0!"5 (0?6M Q ~]"^RF (08< *B!( "&
)1- N ) Q (K +N( - NT ("I!9G>)~]"^R (0?6M JIQ�5 L,0 !( *> L,0 *& *B9M "& .1=0
3&03&25 3&03& ("I m"=)S0?I"GR (0?6M Y7 3&03& "I3$R0!"5 Q9 :1-0( F#I09: Y1=0
mQ?B14@,9a&"M "I C(0( S!9) *& m?R (!Q<3& 1#a&"E ;9R8< �,"$. .
z,(! 3#p$R !0?^R
1 9#=3h! m?R "I"j: !Q4gR �9UgR?#^R ; 67. 5145
2 ?#^R". @.9#=3h! *K("6R "I"j: !Q4gR �9UgR 4436
3 S!9) (08< *B!( 24
4 �3%R (08< *B!( 230
5 C!"R< !0?^RF 1,82
6 C!"R< @.03o& !0?^RF ij= !(95% 35.1
3dGIQ�5 "I *$/", : ~X7R
C!"R< *> (9- @R *TefRF 03o& 3,("^R 80 3$G#& C?- (!Q<3& ;"7#U]0 ij= "& 3�"7$R @.
95 @6UB C9#- *& "I C(0( (!Q<3& 1#a&"E 3& @7XR 3k) *#[3/ Q! L,?& .1=0 ?)!(
.(9- C(!Q<3& v."5 ", @,9a&"M "I C(0( 2Q! *& m?R 1=0 _8b Q (9- @U. *$/3,45
(!Q<3& v."5 S!9) *& ?,"& @=!3& (!9R m?R *> F,(9U. v)"e ;"7#U]0 *> L,0 80 y5
Y(9- 1&"x S!9) *& @6j^R S03x0 *> 1=0 L,0 (9- @R {3jR *> J=35 L,3M FAR
�, (!9R !( *> L,0 L##6M �(@/("DM S03x0 (9BQ)@/("DM ", ?7$+I (1&"x S03x0 (9BQ)
"I ;9R8< �,3] 80 (3#h !03E C("k$=0 (!9R ?,"& 2Q! Q( L,0 80 �, _0?> "I C(0( 80 *.9U.
@N, .(3#h @R _"g.0 (9: �":LU="I ;9R8< "I ;9R8< L,0 L,3M �,0! 801 *#[3/ .1=0
`#. ;9R8< L,0 C!"R< .1=0 @/("DM S03x0 0!0( m?R *> 1=0 ;< LU="I ;9R8< 3k)
1 Hausman Test
8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 197
C!"R<2$ 3,("^R 80 3$G#& C?- *X="oR Q( "> C!"R< !0?^R 3h0 .?-"& @R Q( "> ",
*& m?R (!Q<3& _Q`K 3& @7$XR 3k) *#[3/ Y?-"& ;< @.03o& *$/3,45 @/("DM S03x0 S!9)
.?- ?I09%.
mQ?B15@/("DM ", 1&"x S03x0 L##6M 03& LU="I ;9R8< �,"$. .
Correlated Random Effects-Hausman Test
Pool: SECURITY
Test cross-section random effects
Test Summary Chi-Sq. Statistic Chi-Sq. d.f.
Probb.
Cross- section random 21.620102 8
0.0053
3dGIQ�5 "I *$/", : ~X7R
(9BQ 3& @7XR 3k) *#[3/ Y@/("DM S03x0 ", 1&"x S03x0 L##6M ;9R8< �,"$. *& *B9M "&
0 _8b L,03&"7& .(9- @R (! @/("DM S03x0 .(9- (!Q<3& 1&"x S03x0 S!9) *& m?R *> 1=
:F#7> @R C("k$=0 m?R @a> 9dK0 ;097\ *& 3,8 9dK0 80 Y1,"A. !(
Growthit = !0 + !1Inflationit + !2Popgit + !3Goverit + !4Laborit +
!5Capitalit + !6FDIit + !7BEit + #it
Y*]9&3R "I ;9R80 80 C?R< 1=?& �,"$. *& *B9M "& 3,8 S!9) *& b"& *j&0! (!Q<3& �,"$.
:1=0
Growthit = 5.29 - 0.028Inflationit + 1.034Popgit + 0.0054Goverit +
0.00014Laborit
(-2.805) (2.98) (2.988) (2.684)
+ 0.088Capitalit + 0. 12FDIit + 0.0607BEit
(4.748) (1.267) (2.269)
198 0(> !" D1EF G;(:E>/- ?( ,'(6 HI<0J1K A%(L$ HI=$ M(8 H1391
R2= 0.72
�Xj7R "I ;< 1Rf\ Q *$-0( 0! !"T$.0 (!9R 1Rf\ "I3$R0!"5 _"UM Y(!Q<3& �,"$. *& *B9M "&
?-! c3. Y("D$E0 !( 1KQ( FA= Y1#6UB ?-! c3. "I3#p$R .1=0 �,!9rM !"T$.0 "&
x *,"R3= ?-! c3. Y!"> Q3#. V+> "W/ (9XA& Q @B!": F#^$+R !04h *,"R3= Y1&"
@R ("D$E0 ?-! JI"> �\"& _!9M 3#p$R Q *$-0( ("D$E0 ?-! 3& 1XqR 3#x�M !">Q
(9-.
!"> Q V+> "W/ (9XA& J,0`/0 (Q! @R !"T$.0 YC?- (!Q<3& m?R "I *$/", s"=0 3&
;03,0 *aUB 80 "I!9G> L,0 !( ("D$E0 ?-! J,0`/0 �\"& @a)0 *#[3/ Ys"=0 L,0 3& .(9-
;< s"=0 3& *> JIQ�5 L,0" "I!9G> !( ("D$E0 ?-! Q !"> Q V+> "W/ (9XA& ;"#R
.(!0( (9BQ !0("76R *j&0! �, V%$7R" CQ3h "I!9G> Ys"=0 L,0 3& .(9- @R ?#,�M
;"7#U]0 ij= "^M!0 Q !"> Q V+> "W/ t:"- J,0`/0 "& ?7.09M @R ;03,0 ?R<!(
3= 0! (9: ("D$E0 ?-! "I ;< 1#K"6/ 03& V="7R u,03- ;(9U. FI03/ Q ;0!04h *,"R
?7I( J,0`/0.
G,@(N; %() * +,) -(./ 0123' WX($(' ?"&@" -(<%1=) ?"&@" -#;g%0 A*&V
3& L,0 s"=0 @=!3& "W/ V+> Q !"> !( !9G> Q "& ;< *+,"^R "I!9G> ?R<!( CQ3h
;03,0 @R ?.09M 1#6[Q G>!9 0! �#e 80 0`B0 t:"- "W/ (9XA& V+> Q !"> *& 3,9DM
?GN&.
CQ3h "I!9G> "& ;03,0 !"> Q V+> "W/ (9XA& t:"- L#d."#R *+,"^R !9T7R *&
;9R8< Q @a#aoM !"R< 80 (u=9$R ?R<!( 80 3Mb"& ?R<!() ;03,0 ?R<!(t C?- C("k$=0
V+> "W/ (9XA& t:"- L#d."#R *X="oR "& .1=0 Y ?R<!( CQ3h L,0 "I!9G> !"> Q
:(9- @R _"g.0 3,8 ;9R8<
H0: BEIRI < Avrupper middle income
CQ3h V%$7R "I!9G> L#d."#R 80 3$NH9> ;03,0 !"> Q V+> "W/ (9XA& t:"-
.1=0 ?R<!(
H1: BEIRI % Avrupper middle income
8%&'7 5(6&4 (./ 0123'- 0(> !" #$% &' %() * +,)- (<%1=) %0- )(6 (' +9 :;#4 " &'?"&@ 199
R ", 3$h!`& ;03,0 !"> Q V+> "W/ (9XA& t:"- CQ3h V%$7R "I!9G> L#d."#R Q"+
.1=0 ?R<!(
CQ3h "I!9G> !"> Q V+> "W/ (9XA& t:"- L#d."#R Y*#[3/ L,0 ;9R8< !9T7R *&
?R<!( "I m"= !( Y;03,01390 -1384 "W/ (9XA& t:"- "& ;< !0?^R Q *X="oR
mQ?B !( ;9R8< L,0 �,"$. .1=0 C?- *+,"^R ;03,0 *& �9&3R !"> Q V+>14 C?- *�0!0
;"7#U]0 ij= !( Y1=0 t%GR mQ?B L,0 �,"$. 80 *> !9] ;"UI .1=099 @U. ?)!(
.(3> (! 0! 3k) *#[3/ ;09M
Q V+> "W/ (9XA& t:"- *7#R8 !( ;03,0 (3NaU\ 1/3h *g#$. ;09M @R s"=0 L,0 3&
XA& t:"- Q (!0( @=!3& (!9R "I!9G> 3,"= L#d."#R "& !0( @76R SQ"kM !"> "W/ (9
@R 0! 3R0 L,0 .1=0 3M L#,"5 ;03,0 ?R<!( CQ3h "I!9G> u=9$R 80 ;03,0 !"> Q V+>
mQ?B C?I"GR "& ;09M14 L,0 _Q( Q mQ0 "I z,(! s"=0 3& .(9U. �"X7$=0 (Q?e "M `#.
80 3$U> C!09UI @=!3& (!9R C!Q( !( ;03,0 !"> Q V+> "W/ (9XA& t:"- YmQ?B
"I!9G> L#d."#R *$-0?. *7#R8 L,0 !( @&9ajR (3NaU\ ;03,0 Q C(9& ;03,0 ?R<!( CQ3h
.(9- @R (! *K"^R _Q( *#[3/ L,03&"7& 1=0
mQ?B14 CQ3h "I!9G> "& ;03,0 !"> Q V+> "W/ (9XA& t:"- 3&03& ;9R8< .
;03,0 ?R<!(1
m"=
3#p$R
1384 1385 1386 1387 1388 1389 1390
(9XA& t:"- L#d."#R
/ !"> Q V+> "W
77,6 79,1 78,2 79 78,6 79,6 78,9
;03,0 t:"- 11 119 138 142 137 140 144
"I C(0( !"#6R P03o.0 37,46 38,43 37,02 39,05 38,53 39,94 40,73
;9R8< C!"R< 6,83 7,02 10,93 10,93 10,26 10,25 10,83
) @.03o& !0?^R99(% 2,42 2,42 2,42 2,42 2,42 2,42 2,42
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