The World Bank said that it would no more publish its Doing Business reports as it has detected some inconsistencies in data changes in its 2016 and 2020 reports.
The Business Facilitation Index released in 2016 and 2020 revealed some inconsistencies in data changes. The two reports were published in October 2018 and 2019, it said.
The WB said confidence in the World Bank Group's research was vital. The World Bank Group's research informs policymakers of their actions, helps countries make informed decisions, and allows stakeholders to more accurately measure economic and social improvements. Such research is also a valuable tool for the private sector, civil society, academics, journalists and others.
The data changes are inconsistent with the Doing Business reporting process. The World Bank Management Council then suspended the next Doing Business Report and began reviewing the matter.
The World Bank's group management decided to close the index on Thursday after reviewing all the data available for Doing Business, including all the reviews, audit results and the report that has been released by the bank's executive board.
In August last year, the World Bank became aware first of the irregularities. For this reason, they said that the 'Doing Business' report of October of that year will not be published. Apart from this, the information of the last five published reports was also asked to be examined by the forensic auditor at that time.
The World Bank has been publishing a comparative list and report of 190 countries every year since 2006 on the most favorable business environment. Based on this report, many foreign investors decide which country to invest in or which country to move from. However, allegations of irregularities have been raised in that report.
Paul Roemer, then chief economist at the World Bank, first mentioned the eagles in that report in 2016. At the time, he said, a former World Bank director had manipulated the "Ease of Doing Business" index, which was used to overthrow Chile's ruling socialist government. Chile's ranking was pushed back because of that director.