Singapore best place in the world to do business
Singapore is the best place in the world to do business, a new study has found.
A report released by the Economist Intelligence Unit (EIU) has ranked Singapore as number one out of 82 countries for its “efficient and open economy”, ahead of Switzerland, Australia, Hong Kong and Sweden.
The rankings assess the appeal of a country’s business environment by weighing criteria such as political climate, taxes, infrastructure, the labour market and openness to foreign investment.
The Asian nation has now topped the rankings for seven consecutive years, while the UK gained one spot and rose to 21st, below Malaysia, Austria and France.
Canada and the US occupy sixth and seventh place respectively, ahead of Denmark, New Zealand and Finland.
"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's report.