Each year, the World Bank publishes a ranking for the best countries to do Business and the one from 2017 went out recently, let’s check the results together:
The rankings are an average over a few indicators such as: Starting a Business, Dealing with Construction Permit, Getting Electricity… This year, New Zealand came first in average, with a first place in 5 out of 10 categories, closely followed by Singapore and Denmark. In the top five countries to do business identified by the world bank, four of them are situated in the Pacific Ocean (Korea and Hong Kong coming fourth and fifth).
We can all think of successful Start-Ups from Asia this year, such as Lazada in Singapore, already an e-commerce giant present in six countries in three years or Grab, the leading ride-hailing app in South-East Asia, helping you catch a taxi, a bike or even a chopper! Speaking of which you might just want to read our article about the Do’s and Don’ts of doing business in The Philippines.
UK and US are coming just after: US is very well ranked in Getting Credit and Resolving Insolvency so you know where to go if you need funding! They are both very well ranked, even if you could argue that if the business and startup community had been taken in consideration in both case it would have given them a better ranking.
In the meantime, Macedonia comes at a pretty astounding 10th place in 2017, above Australia, France or Germany, Canada is ranked 2nd in Starting a Business but 22nd overall because of the hard time you get trying to Get Electricity or Enforcing Contracts !
Check out this infographic about the 15 best countries by Market Inspector