S'pore named world's best place for business
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The Economist Intelligence Unit (EIU) has once again ranked Singapore as the best place in the world to do business because of its efficient and open economy.
No. 2 out of the 82 counries surveyed was Switzerland, followed by Australia, Hong Kong and Sweden respectively.
Singapore has come out tops for seven consecutive years. Last month, it also topped the World Bank's ease of doing business report, which looked at 189 countries.
The rankings were based on the attractiveness of a country's business environment measured by criteria such as political climate, openness to foreign investment, taxes, the labour market and infrastructure.
BRIC (countries fared poorly on this year's rankings with China in 50th place and Russia in 64th. Brazil and India were ranked 47th and 48th respectively.
EU countries were some way off the top, with the UK at No. 21 below Malaysia on the annual index.
"The impact of the debt crisis on political stability, economic stability and financing availability has meant that EU countries remain some way off the top," said the EIU report.
However, other northern Europe countries of Denmark and Finland did make it into the top 10, placing eighth and 10th respectively on as they "continue to provide a stable environment to do business".
Ranked last out of the 82 countries ranked was troubled African nation Libya.
Top 10
1. Singapore
2. Switzerland
3. Australia
4. Hong Kong
5. Sweden
6. Canada
7. United States
8. Denmark
9. New Zealand
10. Finland
Source: EIU
