It is apparent that business regulatory practices across economies have been gradually but noticeably converging toward the more efficient practices common in higher income economies. How much has the gap narrowed? Did some regions close the regulatory gap more rapidly than others? This paper tells that story. It points to important trends in regulatory reform and identifies the regions and economies making the biggest improvements for local entrepreneurs. And it highlights both the areas of business regulation that have received the most attention and those where more progress remains to be made.