New Zealand is the best country for doing business

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New Zealand topped the Doing Business ranking. Photo courtesy of Pixabay

New Zealand ranked first in the global Doing Business ranking for the third consecutive year.

New Zealand is the world’s best country for doing business as it outperforms every other country in terms of starting a business, registering property and getting credit, revealed 2019 World Bank’s Ease of Doing Business ranking.

However, when it comes to getting electricity, it’s not such an easy task in New Zealand: it was ranked 45th.

The second came in Singapore, followed by Denmark. Hong Kong which performs the best in the world when it comes to dealing with construction permit, claimed the fourth spot, while South Korea rounded up the top five.

Doing Business 2019

1New Zealand
4Hong Kong SAR, China
5Korea, Rep.
8United States
9United Kingdom
10Macedonia, FYR
11United Arab Emirates
13Taiwan, China
Source: The World Bank; Chart: Business Fondue
In ten years the U.S. fell from the third to 8th place

In this year ranking the U.S. fell two places to 8th. However, in ten years the U.S. was pushed down by many more countries. In 2009 the U.S. was ranked as high as the third.

Georgia (#6), Norway (#7), UK (#9), Macedonia FYR (#10) also made it to the top 10.

According to the report, the 10 top economies in the ease of doing business ranking share common features of regulatory efficiency and quality, including mandatory inspections during construction, automated tools used by distribution utilities to restore service during power outages, strong safeguards available to creditors in insolvency proceedings and automated specialized commercial courts.

The world’s worst countries for doing business are Somalia, Eritrea, and Venezuela.

Doing Business 2019 measures regulations affecting 10 areas of the life of a business in 190 economies: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

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