- Countries in Northern America and Western Europe have topped the list of best countries for doing business.
- Asia came in third place ahead of Eastern Europe which has been badly affected by the fallout of the Russia-Ukraine war.
- Unfortunately, African countries, including Nigeria did not do so well on the list.
Singapore, Canada and Denmark ranked first, second and third in the world for top countries with the best business environment. This means the above-mentioned countries with respective scores of 8.70, 8.45 and 8.45 are the best countries for doing business.
This is according to the latest business environment rankings (BER), an annual survey conducted by the Economist Intelligence (EIU). The ranking measured the attractiveness of the business environment in 82 countries on a quarterly basis, using a standard analytical framework with 91 indicators.
The United States of America (8.37), Switzerland (8.34) and Sweden (8.30) followed on the list in the position of 4th, 5th and 6th respectively.
Closing up on the top 10 are Hong Kong (8.25), Germany (8.25), New Zealand (8.21) and Finland (8.11) respectively in 7th, 8th, 9th and 10th places.
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According to the survey's analysis, the top 10 countries are largely supported by strong levels of economic and political stability.
Key highlights of the report
EIU's annual report deep insight and analysis of the economic and political developments is used in terms of forecasting the phenomenon of globalisation in regards to enabling business environment which is helpful for planning by governments, institutions and financial firms for future decisions.
This quarter's ranking showed that North America and Western Europe remained the best places in the world to do business. The report also showed that Asia came in third place ahead of Eastern Europe which has been badly affected by the fallout of the Russia-Ukraine war.
Interestingly, Latin America performed better than the Middle East, as Africa followed behind. Even it scores poorly for political effectiveness as a result of corruption and crime and weak institutions, Latein America's policy towards foreign trade is improving.
While the biggest improvement in the ranking was seen in the business environments of Sweden, Costa Rica, Thailand, Vietnam and Belgium, the biggest decline was observed in Chile, Bahrain, Slovakia and China.
Surprisingly, China appeared to fall behind Thailand, Vietnam, Malaysia, India and Mexico that are struggling to attract manufacturing investment away from China.
Middle East and Africa rank low
Of all regions, the Middle East and Africa scored the lowest in the business environment rankings. Their ranking is continually weighed by endemic insecurity, weak government policies, cuts in capital spending and poor governance. These are further culminated by the political crises on some of the countries.
Both regions typically suffer from weak corporate governance and regulation, as well as poorly trained labour forces and, in countries such as Angola, Nigeria and the Gulf states, an overreliance on hydrocarbons.
List of Top 10 Nigerian States With Ease of Doing Business
Northern states, Gombe, Sokoto and Jigawa emerged as top states in Nigeria with the best ease of doing business.
This is according to Nigeria’s subnational ease of doing business survey conducted by the Presidential Enabling Business Environment Council (PEBEC).
According to Legit.ng, the states were measured in the areas of Regulatory Environment, Transparency and Access to Information, Infrastructure and Security, and Skills Workforce Readiness.
The empirical field survey was constructed by KPMG Professional Services rated each state on a 10-point scale across the indicators.