Singapore named best country for doing business for 16th consecutive year

SINGAPORE: An annual index by British think tank, the Economist Intelligence Unit (EIU), has once again crowned Singapore as the best country for doing business, marking an impressive streak of 16 consecutive years at the top.

The EIU’s comprehensive business environment rankings, evaluating 82 countries across 91 crucial indicators, positioned Denmark in second place, followed closely by the United States in third.

Notably, the report highlighted that these top three nations—Singapore, Denmark, and the United States—are also anticipated to maintain their prime business environments over the next five years.

Singapore’s consistent dominance in fostering a conducive business climate stems from its robust infrastructure, transparent regulatory framework, and strategic geographical location, serving as a gateway to the dynamic Asia-Pacific region.

Notable shifts were observed, in the latest rankings that were released on Thursday (21 Mar). Vietnam emerged as the standout performer, registering the most significant improvement in its business environment.

Conversely, China experienced the largest decline in score, attributed to evolving regulations and escalating operational costs.

Greece, Argentina, and India emerged as the frontrunners in enhancing their business ecosystems. Of these, Greece showcased the most remarkable progress, attributed primarily to the government’s initiatives aimed at bolstering investment promotion measures and implementing tax incentives.

The EIU’s business environment rankings serve as a vital benchmark for policymakers, investors, and businesses globally, offering insights into the evolving dynamics shaping the global economic landscape.

Released on Thursday (21 Mar) the latest rankings underscore the ongoing evolution of business climates worldwide, emphasizing the significance of adaptability and innovation in navigating an increasingly competitive global marketplace.