UPDATE: Russia rises to 51 position in Doing Business-2016 rating

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MOSCOW, Oct 28 (PRIME) -- Russia rose by 3 positions to be ranked 51 in the World Bank and International Financial Corporation’s Doing Business-2016 rating between Peru and Moldova, the organizations said in a statement late Tuesday.

Last year, Russia ranked 62 but the methodology of rating was changed, so the year-on-year comparison would be incorrect, a co-author of the research Valentina Saltane told PRIME.

“This year we have scored five reforms in the area of starting business, registration of property, getting credits, taxation and connection to electric grids. All that influenced positively the rating of the country, of course. We have also extended the scope of four of our indicators, which improved the rating,” Saltane said.

International trade relations worsened Russia’s performance in Doing Business to some extent, she said. Russia ranked 170 out of 189 countries by that factor.

According to Saltane, Russia must “keep hold of the rhythm of the reforms” in order to continue advancing in the index.

Singapore ranked first for the tenth year in a row. Among former Soviet countries, Estonia led the rating with the 16 position. Armenia was the leader among CIS countries, ranking 35.

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