Singapore, Canada and Denmark will be the three countries with the best business environment over the next five years, according to the latest business environment rankings, BER, by the Economic Intelligence Unit, EIU.
EIU’s BER measures the attractiveness of the business environment in 82 countries quarterly, using a standard analytical framework with 91 indicators.
The latest ranking for the second quarter of 2023 shows that North America and Western Europe continue to be the best places in the world to do business. Asia ranks third, ahead of Eastern Europe, while Latin America marginally
outperforms the Middle East and Africa (MEA).
According to the report, MEA’s overall score in the BER is the lowest of any region. Explaining why this is the case, the report says: “The ranking for the MEA region continues to be weighed down by poor governance and endemic insecurity, including the spillover from the conflicts in Syria, Yemen and Libya, alongside political unrest in a number of countries, including Iraq and Lebanon .”
Though no country in the Middle East or Africa saw improvements in the ranking, South Africa saw a modest rise, up by four spots which “reflects improvement from a low base given the disruptions to critical public services such as power supply that characterise the business environment at present .”
The biggest losers in the MEA region were Bahrain and Kuwait which fell by nine and six spots, respectively “owing to deteriorating market opportunities scores as a consequence of falling (albeit still comparatively high) global oil prices, which represent a large share of fiscal and export receipts.”
According to the report, Singapore, Canada and Denmark with scores of 8.70, 8.45 and 8.45, respectively ranked first, second and third in the world for top countries with the best business environment.
The United States of America (8.37), Switzerland (8.34) and Sweden (8.30) took the fourth, fifth and sixth positions, respectively.
Closing up on the top ten are Hong Kong (8.25), Germany (8.25), New Zealand (8.21) and Finland (8.11) in the seventh, eighth, ninth and tenth places, respectively.
“The fact that ten of the top 20 countries in the global ranking are in Western Europe reflects the region’s political stability, large and competitive domestic markets, and openness to world trade,” the report says. new laws and ensure compliance.
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