The past year was a tough one for doing business. Firms around the world had to cope with the effects of a financial crisis that started in rich economies but led to a global economic downturn. Access to finance became more difficult. Demand for many products fell in domestic and international markets, and trade slowed globally. Policy makers and governments also faced big challenges—from stabilizing the financial sector and restoring confidence and trust to countering rising unemployment and providing necessary safety nets as an estimated 50 million people risked losing their jobs as a result of the crisis. And all this in the face of rising public debt as fiscal stimulus packages collided with tightening fiscal revenues.
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