How to Reform, comparing business regulations in 175 countries, from Afghanistan to Zimbabwe. After an analysis of the obstacles to growth (2005) and of the incentives to job creation (2006), the 2007 report looked at reforms needed to develop trade. The report covers job creation by companies in the formal sector, with measures that would directly contribute to jobs for the young and women, the groups most affected by unemployment. Furthermore, reforms must enlarge the scope of regulations in force by including many companies and employees in the formal sector, allowing them to benefit from medical cover and retirement schemes. Companies would then be under an obligation to pay taxes and their products would be subject to quality control, but it would also be easier for them to receive bank loans or use the legal system to settle any possible litigation. At the present time, Singapore is the most attractive economy in the world for business, followed by New Zealand and the United States, the report states. Many governments have taken reform action: 213 reforms in 112 different countries were adopted between January 2005 and April 2006. Georgia is the top reformer. It has carried out reforms in six of the ten areas covered by the report (starting a business, dealing with licenses, employing workers, registering property, obtaining credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business). It has reduced the minimum amount of capital required for creating a company from 2,000 to 200 lari, and business registrations increased 55% between 2005 and 2006, border procedures have been simplified and the number of days needed to fill all the administrative obligations relating to export has been reduced from 54 to 13. Reforms begun at the judiciary level have also made it possible to reduce from 375 to 285 the number of days needed for resolving trade disputes. Romania is the runner-up also with 6 areas reformed. It has simplified procedures for obtaining building permits and set up a single office for processing applications, adopted new labour regulations authorising renewable term contracts to encourage businesses to hire first-time workers and to facilitate cross-border trade. The delay needed for exporting companies to meet all the requirements set has been reduced by half and the number of export documents reduced to 4, which now corresponds to the European Union average. Mexico ranks in third place thanks to the efforts made in business creation (the time needed to start up a business has fallen from 58 to 27 days), investor protection and tax payments. A new, more flexible law has been adopted on transferable securities and the procedure for business registration has been simplified. Finally, the rate of taxation on corporate revenue went from 33% in 2004 to 29% in 2006. Africa, which was lagging behind in the pace of reform, is now behind the Eastern European region, Central Asia and the high income OECD countries. Two thirds of African countries have carried out at least one reform, with Tanzania and Ghana coming among the 10 top reformers, like China. The latter has increased investor protection and reduced the number of customs procedures. Eastern Europe is the region with the most practical business facility. Croatia and Romania are in the lead behind Bulgaria and Latvia (ranking respectively 11th and 15th as far as reformers go). El Salvador, India and Nicaragua are also in this group. Other countries have fallen behind: Bolivia, Eritrea, Hungary, East Timor, Uzbekistan, Venezuela and Zimbabwe. Venezuela has made property transfer more complex as well as access to credit and cross-border trade. The worst reform of all was by Eritrea when it suspended all construction licenses and banned all private businesses from entering the construction sector. Information: http: //http://www.doingbusiness.org (il)