The Economist Intelligence Unit (EIU) has predicted that Singapore, Canada, and Denmark will have the best business environments in the next five years.
The EIU is an organization that analyses economic and political developments around the world. This is to help businesses, financial firms, educational institutions, and governments plan for the future.
“According to our Q2 2023 rankings, North America and Western Europe retain their positions as the top regions for business,” EIU said.
“Asia follows closely in third place, surpassing Eastern Europe. Meanwhile, Latin America slightly outperforms the Middle East and African regions.”
Sweden and Finland have also managed to be represented in top ten along with Hong Kong.
While Vietnam, Thailand and Sweden have recorded significant improvements in their business environments, China have seen one of the largest declines.
China’s business environment deteriorated due to policy uncertainty, US-China tensions, and a challenging long-term growth outlook. As a result, China has fallen behind other Southeast Asian countries like Malaysia, Thailand and Vietnam, which are now attracting manufacturing investment.