Namibia has dropped to 107 in the 2018 World Bank Easy of Doing Business ranking from 106 last year.
In terms of starting a business, Namibia was ranked 172.
The report showed it takes 10 procedures to register a business, a process which takes 66 days.
In terms of dealing with construction permits, Namibia was ranked 83, a process which according to the report involves 12 procedures and takes 160 days.
The country ranked 174 in terms of registering property, Getting Electricity (71), Getting Credit (73), Protecting Minority Investors (93), Paying Taxes (81), Trading across borders (136), Enforcing Contracts (58) and Resolving Insolvency (125).
“Namibia made enforcing contracts easier by making performance measurement reports publicly available to show the court’s performance and the progress of cases through the court,” the World Bank said.
Governments around the world set a new record in bureaucracy busting efforts for the domestic private sector, implementing 314 business reforms over the past year, the report said.
The reforms, carried out in 128 economies, benefit small and medium enterprises as well as entrepreneurs, enabling job creation and stimulating private investment. This year’s reforms surpass the previous all-time high of 290 reforms two years ago.
“The private sector is key to creating sustainable economic growth and ending poverty around the world,” said World Bank Group President Jim Yong Kim.
In Sub-Saharan Africa, a record number of 40 economies implemented 107 reforms, a new best in the number of reforms for a third consecutive year for the region. The Middle East and North Africa region scaled a new high with 43 reforms.
The bank said the top 10 economies are New Zealand, Singapore and Denmark, which retain their first, second and third spots, respectively, for a second consecutive year, followed by Hong Kong SAR, China; Republic of Korea; Georgia; Norway; United States; United Kingdom and FYR Macedonia.
In notable changes to the top 20 ranked economies this year, the United Arab Emirates (UAE) joins the grouping for the first time, in 11th place, while Malaysia and Mauritius regain spots, in 15th and 20th places, respectively. During the past year, Malaysia implemented six reforms, Mauritius five, and the UAE four. The reforms in Mauritius included the elimination of a gender-based barrier to equalize the field between men and women in starting a business.
Sub-Saharan Africa set a new milestone for a third consecutive year, implementing 107 reforms in the past year, up from 83 the previous year. In addition, this year also saw the highest number of economies carrying out reforms, with 40 of the region’s 48 economies implementing at least one reform, compared to the previous high of 37 economies two years ago.