Russia Advances to 40th Place in World Bank's Doing Business Ranking 2017

Russia significantly improved its domestic conditions for small and medium-sized businesses which facilitated its advance in the World Bank's Doing Business Ranking 2017 to the 40th place out of 190 countries, the World Bank said on Tuesday.

MOSCOW (Sputnik) — In the World Bank's Doing Business Ranking 2016 Russia occupied the 51st place.

"In past years, Russia has been active in reforming across multiple areas of business regulation… In some aspects of Doing Business [the World Bank Group measuring business regulations], the business regulatory environment of Russia is now closer to best practice," Andras Horvai, World Bank Russia Country Director, said in a statement commenting on Russia's advance in the ranking.

He added that there still was room for improvement "on several fronts" in respect of growth opportunities, considered by the Doing Business.