GMBA6014 Business and Climate Change

Comparing Business conditions and environment in Latin America (2010 & 2020)

According to World Bank article named ‘’ Doing Business 2020: Reforms to Improve Business Climate Made in 21 out of the 32 economies in Latin America and the Caribbean’’, it can be identified that Chile in Latin America has obtained the highest ranking in the region with respect to the ease of doing business.  Moreover, the article also identified that since the last few years, several reforms in the field have been implemented which deal with the different permits and the speed of business registration (Worldbank.org 2020). Moreover, similar to other developing countries, the increase in the upper middle class population has led to an increasing in the purchasing power of the customers and the market at large.  As compared to an article by World Bank itself from 2010, named ‘’ Latin America: Climate for Doing Business Improving in Most of the Region’’, it can be rightly identified that 10 years back, there was a dire need for improvement in the regulations as well as the policies which were governing the business norms and regulations within the industry. Chile was just a runner up in regulatory reformer 10 years back, however, currently, it is a leader in the particular field (Worldbank.org 2010).  Hence, it can be identified that the economy had just started to improve 10 years back whereby online businesses and local entrepreneurs had become quite popular for which proposals to improve the ease of business were being made, however, currently in 2020, Chile and other regions have improved greatly. This reflects that conditions have improved whereby the Latin America is obtaining a prominent position in the global business domain.

References

Worldbank.org 2020. Business climate [online]. Available at: https://www.worldbank.org/en/news/press-release/2019/10/24/doing-business-2020-reforms-to-improve-business-climate-made-in-21-out-of-32-economies-in-latin-america-and-caribbean (Retrieved on: 24 Sept. 2021).

Worldbank.org 2010. Business climate [online]. Available at: https://www.worldbank.org/en/news/feature/2010/11/04/latin-america-climate-doing-business-improving-most-region (Retrieved on: 24 Sept. 2021).

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