Every few lists or so, we’re told Canada is the best in the world at something. When that’s not the case, we at least place in the top five.
When it comes to doing business, however, there’s certainly some room for improvement.
According to a recent report by the World Bank, Canada is the 14th best country to do business in, which is two spots higher than last year but well off from its 7th-place finish in 2011. An encouraging sign for entrepreneurs, we ranked third best overall when it comes to the ease of starting a business.
The report considered factors like the process of registering a new business, getting permits, enforcing contracts, paying taxes, and landing a loan, which have determined that many of the world’s biggest and emerging economies are stuck in low gear as a result of stringent monetary policies to combat ballooning debts.
Almost half of the Group of 20 largest economies, plus recent bulls like China, Turkey, South Africa, and Brazil, have fallen.
Singapore was named the world’s top spot to conduct business for the 10th year in a row, followed by New Zealand and Denmark. The top seven remain unchanged from last year, which also includes South Korea, Hong Kong, the United Kingdom, and our neighbours to the South, respectively.
Slovenia, Mexico, Cyprus, Costa Rica, Serbia, Jamaica, Oman, Brunei Darussalam, Morocco, and El Salvador all made significant progress compared to last year.
While South Sudan, Libya, and Eritrea ranked at the bottom of the list for business, which is probably tied to their general quality of life rankings.
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