Romania stagnated on 47th place worldwide in a World Bank list that evaluates the business environment conditions, the reform engine of which is the compliance with EU standards in the sector, Romanian news agency NewsIn informs. The first countries in the list are Singapore, New Zealand, US, Hong Kong while the last positions one can find Congo and Burundi.
In Eastern Europe, the main reform engine was the European Union, the report reads. Moreover, economies like Poland, Romania and Slovenia updated their legislation to suit better for companies and real estate values, as a measure to comply with EU standards.
Those reforms, the report reads, increased Romania's transparency index from 4.7 in 2005 to 5.8 currently. Meanwhile, Bulgaria, unlike Romania dropped one more place in the top from 45 to 44. But Bulgaria is not the only country to loose momentum: Estonia dropped from 18 to 22 while Latvia got on the 29 position after occupying the 26th place.