DHAKA, Oct. 24 (Xinhua) -- Bangladesh has carried out three business reforms during the past year, the most in a decade, and would need to accelerate the reform pace to further improve its regional and global competitiveness, the World Bank Group's "Doing Business 2020" study said.
The country rose to a rank of 168th in the global ease of doing business rankings this year from 176th in the previous year, said the Washington-based lender in a statement on Thursday.
"Improving the business environment is essential for Bangladesh to support private sector development, which will create more jobs and foster sustainable economic growth," said Mercy Miyang Tembon, World Bank Country Director for Bangladesh.
"It would be important for Bangladesh to build on the recent achievement and further accelerate regulatory reform efforts to continue to improve the business climate."
According to the bank, the reforms enacted this year followed three years of inactivity. With 15 reforms since the inception of the Doing Business study in 2003/04, Bangladesh lags behind other economies in South Asia, it said.