Assessing The Impact Of The New Business Law Act On Business Environment And Economic Development

Abstract

The New Business Law Act, enacted to streamline regulatory frameworks and promote economic growth, has introduced significant changes to the business environment. This study aims to assess the impact of the Act on business operations, investment climates, and overall economic development. By analysing qualitative and quantitative data from various industry sectors, this research identifies both the immediate and long-term effects of the new legislation. Key areas of focus include regulatory compliance, ease of doing business, foreign direct investment (FDI) inflows, and job creation.

The Act's provisions aim to simplify business registration processes, enhance transparency, and reduce bureaucratic delays. This study investigates how these changes affect small and medium enterprises (SMEs), multinational corporations, and start-ups, with a particular emphasis on their ability to scale operations and attract investment. Moreover, the study examines the Act's influence on labour market dynamics, considering its impact on employment rates and wage patterns.

In terms of economic development, this study evaluates the Act's effectiveness in fostering a more competitive and innovative market environment. Through an analysis of FDI trends and economic growth indicators, the research explores whether the New Business Law Act has succeeded in achieving its policy objectives. Furthermore, the study highlights potential challenges, such as unintended regulatory burdens and the need for continuous adaptation to align with global business standards.