Global Financier, the World Bank Group has announced that it will discontinue its Doing Business Report, citing data irregularities in Doing Business 2018 and 2020, leading to a series of audits in the organization.

The World Bank disclosed this in a statement on Thursday evening, stating that it takes trust in its research seriously, in a bid to enable its member nations take better-informed decisions.

Why the World Bank is discontinuing its Doing Business report

“Trust in the research of the World Bank Group is vital. World Bank Group research informs the actions of policymakers, helps countries make better-informed decisions, and allows stakeholders to measure economic and social improvements more accurately.

“Such research has also been a valuable tool  for the private sector, civil society, academia, journalists, and others, broadening understanding of global issues,” it said.

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The World Bank revealed that there were data irregularities on Doing Business 2018 and 2020 were reported internally in June 2020, causing the World Bank management to  pause the next Doing Business report and initiate a series of reviews and audits of the report and its methodology.

“In addition, because the internal reports raised ethical matters, including the conduct of former Board officials as well as current and/or former Bank staff, management reported the allegations to the Bank’s appropriate internal accountability mechanisms.

“After reviewing all the information available to date on Doing Business, including the findings of past reviews, audits, and the report the Bank released today on behalf of the Board of Executive Directors, World Bank Group management has taken the decision to discontinue the Doing Business report,” it said.

The Bank said it focused on the ethical aspects of conduct relating to Board Officials and was conducted pursuant to the Code of Conduct for Board Officials. It added that data Irregularities relating to China began in early 2017, as Chinese government officials repeatedly expressed their concerns to ex-President Kim, and other senior Bank officials that China’s rankings “did not accurately reflect its economic reforms.”

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International Monetary Fund Managing Director Kristalina Georgieva was also called by the World Bank, for applying pressure to boost China’s position in a ranking of economies, which a Bloomberg report says she disagreed with the findings, compiled by an outside law firm at the World Bank’s direction.

The Bank added that it is committed to advancing the role of the private sector in development and providing support to governments to design the regulatory environment that supports this.

“Going forward, we will be working on a new approach to assessing the business and investment climate. We are deeply grateful to the efforts of the many staff members who have worked diligently to advance the business climate agenda, and we look forward to harnessing their energies and abilities in new ways,” it added.