Ireland still among top countries to do business - Forbes

Ireland remains one of the top countries in the world in which to do business, according to the latest Forbes annual rankings, which puts the country in fourth spot, unchanged from last year.

Denmark takes the number one slot once again, followed by New Zealand and Norway.

Forbes produces its annual Best Countries for Business report based on seven information sources measuring 11 metrics including innovation, taxes, property rights, technology and stock market performance in 146 nations.

Ireland was previously ranked first in the world to do business in 2013 but dropped three places last year.

In terms of sub-rankings, Ireland largely retained the positions it held last year, ranking first again in the category of “personal freedom,” ninth for “trade freedom,” and 17th for “corruption”. It declined two places to eighth place for “investor protection,” and was down two spots to 21st position for “innovation” and down five places to 24th for “red tape” facing business.

Ireland also ranked in 6th place overall for tax burden, 9th place for monetary freedom, 11th for technology and 11th for market performance.

Denmark has ranked first in six of the 10 annual polls conducted by Forbes. This year it ranked in the top 20 in all but one of the 11 metrics used to gauge the best countries for business.

European countries represent two-thirds of the top 25 countries in 2015. One of the biggest decliners in the rankings is the US, which slides four spots to number 22. This continues a six-year descent since 2009 when the US ranked second overall.

The study shows that while the US may be the financial capital of the world and have its largest economy at $17.4 trillion, but it scores poorly on monetary freedom and bureaucracy/red tape. Forbes notes that more than 150 new major regulations have been added since 2009 at a cost of $70 billion, according to figures provided by the Heritage Foundation.

The UK and Japan both moved up three spots to number 10 and Number 23 respectively this year. Germany improved two places to number 18. China rose from number 97 to number 94, with its ranking held back by low scores on personal and monetary freedom, as well as investor protection and red tape.

The bottom of this list includes a number of emerging markets restrained by high levels of corruption and little freedom. Chad replaces Guinea in last place, a spot Guinea held for three straight years. Chad scored in the bottom five in five of the 11 criteria used by Forbes. The rest of the bottom five includes Guinea, Libya, Haiti and Burma.