According to a survey by the World Bank, Singapore is still the number one country to do business in.
This is the ninth consecutive year that Singapore has been ranked number one.
The “Doing Business” report rated 189 countries by the ease in which companies can operate in the country. It uses metrics such as how long it takes to open and close a business, the ability to gain construction permits and tax payments.
According to the report:
“The list remains very similar to last year’s”
“Economies in the top 20 continued to improve their business regulatory environment.”
In second place was New Zealand, followed by Hong Kong in third. The United States was in seventh place, with the United Kingdom behind at eighth place.
The worst ranking countries to do business in were Eritrea, Libya, South Sudan, and the Central African Republic.
“The list remains very similar to last year’s” the report said. “Economies in the top 20 continued to improve their business regulatory environment.”
“Ease of Doing Business” – Top Ten Ranking
1. Singapore
2. New Zealand
3. Hong Kong
4. Denmark
5. South Korea
6. Norway
7. UK
8. USA
9. Finland
10. Australia
Source: World Bank
Singapore is the most business friendly country in the world.
The report revealed that as developed and emerging economies adopt better practices and regulatory reforms it becomes significantly easier to do business globally.
Among the most improved nations were those located in Sub-Saharan Africa, however, the majority of the countries are still at the very bottom of the rankings.
According to the World Bank, 39 African nations had “reduced the complexity and cost of regulatory processes”.