Amidst shifting economic landscapes and technological advancements, discerning entrepreneurs seek locales offering stability and growth potential. The best places to do business in 2024 offer infrastructure, talent, regulatory ease, and market potential, inviting enterprises to thrive on a global scale.
The Economist Intelligence Unit is instrumental in forecasting economic growth, requiring meticulous analysis. At their core are the business environment rankings, which synthesize 91 indicators to evaluate business attractiveness across 82 countries and territories worldwide.
This comprehensive assessment offers invaluable insights into economies poised for growth, crucial for strategic decision-making.
According to the EIU’s business environment ranking, Singapore, Denmark, and the U.S. stand out as the premier destinations for conducting business.
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Prianthi Roy, EIU’s Country Forecast Manager and Europe analyst told CNBC “Singapore is poised to maintain its position as the top global hub for business, a title it has held for the past 16 years.”
Here are 10 best places to do business in the world in 2024
1. Singapore – Score: 8.56
Singapore’s unwavering commitment to fostering a business-friendly environment has earned it the top spot. With its strategic location, robust infrastructure, efficient regulatory framework, and low tax rates, Singapore continues to attract businesses from around the globe. The city-state’s emphasis on innovation, coupled with its skilled workforce and strong rule of law, makes it an ideal hub for startups and multinational corporations alike.
2. Denmark – Score: 8.41
Denmark secures the second position with its stable economy, transparent business practices, and high-quality infrastructure. The country’s strong focus on sustainability, along with its well-educated workforce and supportive government policies, makes it an attractive destination for businesses seeking to thrive in a socially responsible manner.
3. United States – Score: 8.40
Despite facing various challenges, the United States retains its position as one of the best places to do business. Its dynamic economy, unparalleled market size, access to capital, and culture of innovation continue to draw entrepreneurs and investors. However, concerns over political polarization, regulatory complexity, and infrastructure deficiencies persist as potential areas for improvement.
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4. Germany – Score: 8.35
Germany’s reputation for engineering excellence, technological innovation, and strong industrial base places it among the top destinations for businesses worldwide. Its highly skilled workforce, extensive R&D capabilities, and well-established manufacturing sector contribute to its attractiveness to investors seeking stability and innovation.
5. Switzerland – Score: 8.33
Switzerland’s political stability, sound financial system, and commitment to neutrality make it a haven for businesses seeking a secure operating environment. The country’s well-developed infrastructure, favourable tax policies, and access to international markets further enhance its appeal to multinational corporations and financial institutions.
6. Canada – Score: 8.31
Canada’s reputation for inclusivity, diversity, and political stability underpins its attractiveness for businesses seeking a supportive and progressive environment. Its abundance of natural resources, highly educated workforce, and commitment to innovation position it as an ideal destination for companies looking to expand globally.
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7. Sweden – Score: 8.29
Sweden’s social welfare system and high quality of life make it an appealing destination for businesses aiming to balance profit with societal impact. The country’s advanced technology sector, strong environmental regulations, and emphasis on work-life balance contribute to its allure for both startups and established corporations.
8. New Zealand – Score: 8.26
New Zealand’s pristine natural environment, transparent governance, and ease of doing business make it an attractive destination for entrepreneurs and investors alike. Its small but dynamic economy, coupled with a progressive regulatory framework and focus on sustainability, positions it as a promising market for growth-oriented businesses.
9. Hong Kong – Score: 8.24
Despite recent geopolitical challenges, Hong Kong remains a vital financial and commercial hub in the Asia-Pacific region. Its strategic location, business-friendly policies, and well-established legal system continue to attract multinational corporations and investors looking to access the vast opportunities offered by the Chinese market.
10. Finland – Score: 8.22
Finland’s reputation for innovation, technological prowess, and high-quality education system places it among the top destinations for businesses seeking a competitive edge. The country’s emphasis on research and development, coupled with a strong commitment to sustainability and social welfare, makes it an attractive location for companies operating in sectors such as technology, cleantech, and healthcare.
