Russia has jumped five spots to 35th in the World Bank’s annual Doing Business Report that evaluates the ease of doing business in a country.
The Doing Business survey ranks 190 national economies based on 11 areas of business regulation. Russia’s new ranking places it ahead of many Western countries such as Belgium and Italy, and just behind Japan.
Last year, Russia ranked 40th based on categories evaluating the ease of starting a business, registering property, getting loans, paying taxes, and enforcing contracts.
Russia has steadily risen in the overall “Doing Business” rankings over the years. After the country had ranked 120th in 2011, President Vladimir Putin signed a “100 steps” decree the following year with the goal to reach 20th place by 2018.
Last year, Russia placed 170th for cross-border trade, prompting Prime Minister Dmitry Medvedev to urge improvements in international cooperation and export. This year Russia came in 100th place in that category.