The Croatian Chamber of Commerce (HGK) said on Wednesday that the use of a different methodology and Croatia's admission to the European Union had significantly improved Croatia's rankings in the Doing Business 2016 report, adding however that no significant progress was made last last year that might contribute to enhancement of Croatia's rankings.

The World Bank has released the results of its Doing Business 2016 report on 189 countries and in which significant changes in the rankings of countries have been made and all because of a changed methodology compared to previous reports, the HGK said.

According to the amended methodology, Croatia's ranking has dropped slightly, namely by one place and Croatia ranks 40th however, the differences among individual indicators determining the overall rankings are huge, the HGK said.

The latest WB publication "Doing Business" has been prepared according to amended methodology used by the World Bank, and it now shows that last year Croatia was 39th on the ranking instead of 65th, as initially published in the "Doing Business  2015" publication released last year, according to explanations from the bank.

The HGK says that owing to its membership of the European Union, Croatia ranks among the best countries according to the openness of its borders for trade exchange, however when it comes to the "Starting a business" category it ranks 83rd. It underlines that that Croatia's worst ranking is in the category "Dealing with building permits", as it is 129th country out of 189 economies.

When it comes to improvements or deteriorations in each of ten indicators, the biggest movement upward the ranking was made by Croatia in property registration and in starting a business compared to 2014, while its performance in getting credits has deteriorated the most, which was expected given a high share of non-performing loans in the banking sector, the HGK said.

The HGK said that among the EU members, Croatia has remained on the 21st place, same as last year, while Hungary, Belgium, Italy, Cyprus , Greece, Luxembourg and Malta are behind Croatia.

The director-general of the Croatian Employers' Association (HUP), Davor Majetic, said on Wednesday that Croatia's 40th place in the World Bank's Doing Business ranking was a good score at the global but not at the European level.

"40th place is certainly good in itself, given that it's a global ranking. However, we can be concerned to some extent because we are still lagging behind European countries," Majetic told Hina. "What doesn't makes us happy is that according to the same methodology last year we were 39th, which shows that we haven't changed much over the last year and we are aware that we have a lot of challenges in the economy and that we have to change," he added.

"This is also shown in the World Economic Forum's Global Competitiveness report for this year, according to which the Croatian economy is stagnating in 77th place among 140 countries. This shows that, regardless of this relatively high position on the Ease of Doing Business index, a great job is ahead of us," Majetic said.

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