East African countries 'have seen improvements to economies'
The economies of East Africa were yesterday (May 24th) said to have improved during a year that has seen "fast-paced reform", a World Bank and IFC report has noted.Sylvia Solf, Co-Author of Doing Business in the East African Community 2010, said making changes to the economies of these African countries is essential during the current global financial crisis.
"Business regulation can make an important difference for how easy it is to reorganise troubled firms to help them survive, to rebuild when demand rebounds and to get new businesses started," she stated.
The average ranking for East African countries out of the 183 economies assessed in the report is 116th.
Implementing best practice is one way to further boost the achievements made and should all the region's countries adopt such procedures, East Africa would be pushed to 12th, the World Bank asserted.
By adopting best practice, the economies of Uganda, Burundi, Kenya, Tanzania and Rwanda would help to align their markets, allowing them to achieve joint success.
The World Bank consists of the International Development Association and the International Bank for Reconstruction and Development and is owned by 186 member countries.