For the seventh year, Singapore has been named the best business destination in the world.
The Economist Intelligence Unit (EIU) has named Singapore as the best business destination in the world because of the efficient and open nature of its economy. This is the seventh consecutive year the country has managed to retain its top position in the business environment index.
The rankings were concluded on the basis of attractiveness of a country’s business environment pertaining to the country’s political climate, openness to foreign investment, taxes, the labour market and infrastructure.
Singapore is closely followed by Switzerland, Australia, Hong Kong and Sweden, respectively, in the 82 countries survey conducted by EIU. The country had also topped in the World Bank’s ease of doing business report survey last month, which considered 189 countries.
This year, BRIC countries fared poorly in the rankings. While China ranked 50th, Russia ranked 64th, with Brazil and India at 47th and 48th spots. Even the UK fell short on its rankings at 21, below Malaysia, on the annual index. EU countries have not made their mark due to the debt crisis, which has directly affected political stability, economic stability and financing availability.
However, northern Europe countries, Denmark (8) and Finland (10), have found their places in the top 10, owing to stable environment. At the end of index was Libya, at rank 82.
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