Russia is on the right path to radically improve its business environment and move up 100 notches within the next five years in the global rankings of the favorableness of countries' investment climate, a World Bank official said Thursday.
But its eventual position in relation to other countries in the Doing Business rankings is less important than the actual progress it is making to become more friendly to investors.
President Vladimir Putin's goal to make Russia 20th out of 185 economies by 2018 is very ambitious, but the government's commitment to improve regulation and the creation of a medium-term plan to bring those efforts to life is a good foundation for improving the rating, said Augusto Lopez-Claros, the bank's director of global indicators and analysis.
"And whether it comes to the 20th or 25th place by 2018 is a less important issue than the direction of changes," he said at a panel session at the Gaidar Forum.
Lopez-Claros, who oversees the compilation of the Doing Business rankings, praised recent efforts by the government to improve the investment climate and said further progress will require a consistent policy and strong political will.
Read more: World Bank Praises 'Doing Business' Progress | News | The Moscow Times
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