Hurrah! The UK has been declared the best country in the world to do business
20 December 2017 | By LLB Reporter
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The UK is the best country in the world to do business in 2018 despite uncertainty around Brexit, according to Forbes’ 12th annual ranking of the Best Countries for Business, which has just been published. Forbes determined the Best Countries for Business by rating 153 Best Countries for Business nations on 15 different factors including property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape and investor protection. Each category was equally weighted.
Key highlights about the UK’s ranking as the Best Country for Business:
This is the first time that the UK has topped the list – last year it was ranked fifth.
The U.K. ranked among the top 25 countries (out of 153 measured) in each of the 15 metrics tracked, outside of political risk where it ranked twenty-eighth.
The U.K. scored particularly well on technological readiness (fourth) and the size and education of its workforce (third).
New Zealand ranks second overall for the third straight year. Rounding out the top five Best Countries are the Netherlands, Sweden and Canada.
The U.S. moved up from No.23 last year to No.11 this year thanks to improved scores relative to the rest of the world on technological readiness, innovation, trade freedom.
African nations populate the worst countries for business with six of the bottom 10 (Haiti is the worst performer among non-African countries). Most of these countries fare poorly on innovation, trade freedom and investor protection. Chad ranks last for the third straight year.