Singapore Retains its Position as World’s Best Business Environment for 15th Consecutive Year
Singapore remains the world’s best business environment for the 15th consecutive year, based on EIU’s recent business environment rankings. Canada and Denmark were a close second.
Strong political and economic stability contributed to these rankings. Singapore is one of the most business-friendly and stable countries in the world. The multilateral trading system, fiscally sustainable approach and strong legal system have been contributing factors to this. Other countries with excellent business environments are South Korea and Taiwan.
How Other Countries Fared
Several countries experienced improvements in terms of rankings. These include Belgium, Thailand, Sweden, Vietnam, Costa Rica, and India. China unfortunately dropped by 11 spots compared to earlier rankings, due to the statist direction of economic policy and rising local costs.
Good News for Those Looking to Starting a Business in Singapore
The news is a positive development for entrepreneurs and business owners looking to start a business in Singapore. Despite the challenging economic conditions around the world, Singapore’s stability, business-friendly policies, and strong legal system offer a conducive environment for growth and success.