UPDATE: Russia ascends to 31 position in Doing Business 2019

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MOSCOW, Oct 31 (PRIME) -- Russia climbed to the 31 position in World Bank and International Finance Corporation’s Doing Business-2019 rating from 35 for 2018, according to a statement released by the World Bank on Wednesday.

Improvement in the construction sphere, electric power distribution, small and medium business regulation and taxation affected the rating.

Economic Development Minister Maxim Oreshkin said Russia has a potential to enter the top-20 of the Doing Business rating if all reforms held in the country are taken into account.

“We have a big number of reforms, which we held in 2017–2018, but which have not been recognized by the World Bank yet,” he said.

Russia aims to enter the top-20 over the next few years, he added.

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