1.5. The Worldwide Governance Indicators project – World Bank

As mention above, World Bank defines Governance as the process and institutions by which authority in a country is exercised.

Specifically, governance is:

♤ the process by which governments are selected, held accountable, monitored, and replaced;

♤ the capacity of governments to manage resources efficiently, and to formulate, implement, and enforce sound policies and regulations; and

♤ the respect of citizens and the state for the institutions that govern economic and social interactions among them

‘The Worldwide Governance Indicators project’ – By World Bank ranks more than 200 countries on six key indicators of governance. The six indicators are:

1. Voice and Accountability

2. Political Stability and Absence of Violence

3. Government Effectiveness

4. Regulatory Quality

5. Rule of Law

6. Control of Corruption

These aggregate indicators combine the views of a large number of enterprise, citizen and expert survey respondents in industrial and developing countries.