Introduction: The Economist Intelligence Unit (EIU) released its Business Environment Rankings (BER) 2024, assessing 82 countries across 91 crucial indicators in 11 categories to determine the best places for conducting business.
Top Rankings:
- 1st Place: Singapore (Score: 8.56) retains its top position for the 16th consecutive year.
- 2nd Place: Denmark (Score: 8.41)
- 3rd Place: United States (Score: 8.40)
- 4th Place: Germany (Score: 8.35)
- 5th Place: Switzerland (Score: 8.33)
- India: Ranked 51st with a score of 1.08.
Assessment:
- The report evaluated the improvement in the business environment from 2019-2023 to 2024-2028.
Notable Improvers:
- Greece, Qatar, and India: Significant improvements in providing favorable business environments.
- India: Ranked third among the most improved business environments globally, with strong economic growth and increased foreign investment.
- Other Improvers: Vietnam, Thailand, Belgium, Sweden, and Costa Rica.
Biggest Deteriorations:
- China, Bahrain, Chile, and Slovakia: Experienced notable declines in their business environments.
- China: Dropped 11 spots, marking the biggest decline globally due to challenges in its business landscape.
Key Points:
- Singapore: Attractiveness stems from political stability and government support for technological advancements in the private sector.
- Denmark: Strong macroeconomic fundamentals and high-quality infrastructure.
- United States: Favorable market opportunities with minimal restrictions on foreign trade and investment.
- Top-Ranked Countries: Include Germany, Switzerland, Canada, Sweden, New Zealand, Hong Kong, and Finland.
- Others in the Top 20: Australia, Taiwan, and South Korea, influenced by recent regional free trade agreements.
Conclusion: The EIU Business Environment Rankings 2024 highlights Singapore as the best place for conducting business, while India shows significant improvement, moving up to 51st place.
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