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World Bank in its latest report has ranked Pakistan as one of the top favorable economies in the world. The report titled “Doing Business 2008″ was recently released by World Bank which takes look at the economic and business conditions in Pakistan among other countries.

Pakistan ranks second compared to other South Asian countries, based on certain economic indicators such as ease of doing business, dealing with licences and protecting investors as identified by the analysts.

The following countries are Sri Lanka, Bangladesh and Nepal. Pakistan has a comparatively better business environment in terms of paying taxes and registration of assets, the report adds.

The report evaluates business activities based on regulations affecting the 10 stages of a business life, which are starting a business, dealing with licences, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business.

It is pertinent to note that in the overall global rating of 178 countries, Pakistan is rated 76th, as compared to India at 120. With Pakistan’s fast-paced IT industry, it is emerging as a powerhouse in the South Asian region due to the government’s friendly policies.

These include 100 per cent foreign equity ownership, 100 per cent repatriation of profits for foreign investors and tax exemption for the sector till 2013.

The availability of a large pool of English-proficient skilled professionals, affordable connectivity rates, competitive infrastructure and operational costs are some of the other benefits that Pakistan enjoys. Due to the same, an increasing number of foreign IT companies prefer Pakistan for their outsourcing operations and setting up development centres.

“Doing Business 2008” is the fifth in a series of annual reports that evaluates the regulations which directly impact economic growth, provides objective measures of business regulations and their enforcement. The data is collected across 178 countries and selected cities at the sub-national and regional level.