The best place to start a business

November 4, 2010 at 4:03 pm Leave a comment

Rankings are popular this time of the year. It’s almost 2011, we have to review everything we accomplished or failed this part year, especially if we’ve passed through a difficult year. That being said, the World Bank issued its yearly report called “Doing Business 2001- Making a Difference for Entrepreneurs”.

It has become a certain thing that the key to beating the economic recession is to encourage businesses and creating new jobs by encouraging new businesses to form. This report measures the countries’ efforts to ease the process of doing business.

The report also examines the process of  paying taxes, trading across borders, enforcing contracts and other factors that help pave the way for new businesses.

South Asia leads in the top 10. Let’s see the rankings:

World Bank report on ease of doing business

So, according to the World Bank, Singapore is the best place to start a business. The tiny country is the world’s fourth leading financial centre and claimed the title of fastest-growing economy in the world, with GDP growth of 17.9% in the first half of 2010.

As we can see from the chart, the top 10 hasn’t really changed since last year’s report and these countries haven’t really made many improvements since last year (well, except Canada). Let’s take the case of United States, a country with an unemployment rate of 9%, where new jobs need to be created urgently. So, according to the chart, no reform has been done to help new businesses. Maybe if these reforms had been kicked in earlier, the battle between the Republicans and Democrats would have looked differently.

European countries are spread along the ranking. UK, Denmark and Ireland are in the top 10, Germany stands at no.22 and France at no. 28. Spain dropped one place and landed at number 49, having implements 3 reforms. The lowest rank for an EU country is Greece’s spot at no. 109.



Entry filed under: Economy, News. Tags: , , , , , , , , , , , .

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