Singapore named best place to do business for seventh year running
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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.
Switzerland was ranked second out of 82 countries, 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 United Kingom 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,” the EIU report said.
However, other northern European countries like Denmark and Finland did make it into the top 10, placing 8th and 10th respectively on as they “continue to provide a stable environment to do business”.
On the lowest rung was troubled African nation Libya.
