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Ireland 4th best country in world to do business

Ireland 4th best country in world to do business

DUBLIN: Ireland has slipped from first to fourth in Forbes’ annual rankings of the best country in the world to do business. Denmark takes the number one slot followed by Hong Kong and New Zealand.

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 is ranked first in the world in the category of “personal freedom.” It comes sixth in terms of “investor protection” and ninth for “trade freedom.”

Samples of standardised or plain packaging of tobacco products.Ireland retains high International Property Rights index ranking.Local business organisations have welcomed the announcement that Hibernia Networks  is to connect its flagship Express cable to southern IrelandCork gets big business boost with super-fast internet cableIt comes 17th in the world when ranked in terms of “corruption,” and eighteenth for its ability to protect both intellectual and physical property rights.

Ireland is nineteenth for the amount of “red tape” facing business and comes in 20th position for “innovation.”In its commentary on Ireland, Forbes said: “Since entering office in March 2011, the new (Enda) Kenny government has intensified austerity measures to try to meet the deficit targets under Ireland’s EU-IMF program.”Ireland has grown slowly since 2011, but managed to reduce the budget deficit to 7.2 per cent of GDP in 2013. In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt.”