Most poor countries are missing large growth opportunities because of extensive regulatory burdens imposed on businesses and entrepreneurs. Doing Business in 2006 documents those costs in 155 countries. Simeon Djankov, lead author of the report, will explain how excessive bureaucratic procedures and fees on starting a business, registering property, and enforcing contracts make it prohibitively expensive for the poor to join the formal economy. Djankov will quantify the extent to which taxes and regulations on business are higher in poor countries than in rich countries, and explain how some countries are benefiting from reforms. Ambassador Aparicio will comment on the importance of the report’s ease‐​of‐​doing business index.