Singapore retains EIU ranking as best place to do business

SINGAPORE has kept its status as the best place to do business, topping the Economist Intelligence Unit's (EIU) business environment ranking.

Singapore secured its number one position due to its efficient, open economy that works hard to maintain its competitiveness as a regional hub for global businesses, EIU said.

Despite stagnation in the eurozone, key economies such as Denmark and Germany continue to provide a stable environment to do business. The BRIC economies, though attractive because of their size, are hard places to do business and score poorly in the ranking. This year, China is in 50th place, Russia back in 64th, with Venezuela and Libya trailing behind.

The business-environment rankings index, a forward-looking ranking, measures likely trends across 82 countries through to 2019. The index is compiled with quantitative data and assessments by the EIU's country analysts, rating the attractiveness of each country's business environment.