Singapore maintains 16-year streak as the best country for business

For the 16th consecutive year, Singapore maintains its position at the top of the list as the best country for doing business.

The annual index by the British think tank, the Economist Intelligence Unit (EIU), released a ranking of the business environment, which assessed 82 countries on 91 critical indicators. Denmark came in second and the United States came in third.

According to EIU, these three nations will have the best conditions for doing business over the next five years.

Singapore’s main rival, Hong Kong, took 9th place in the ranking.

Closer ties with Western countries, a wider pool of skilled workers, a strong and diverse economy and attractive tax incentives drive Singapore’s dominance.

Robust infrastructure, a transparent regulatory framework and a strategic geographical location that serves as a gateway to the dynamic Asia-Pacific region are also factors that help the country dominate the ranking.

Several Asian nations demonstrated excellence across various categories. Notably, Vietnam has emerged as a standout performer, exhibiting the most substantial enhancement in its business environment. However, China experienced a significant decline in its ranking, attributed to evolving regulations and increasing operational costs.

Greece claimed the top spot in the improved business ecosystems ranking, with Argentina and India following closely in second and third place, respectively. Greece showed the most notable progress, thanks to government initiatives aimed at supporting investment promotion measures and introducing tax incentives.

The EIU Business Environment Rankings play a crucial role as a resource for policymakers, investors and businesses on a global scale. They provide valuable insights into the changing dynamics that influence the international economic terrain.