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Forbes Ranks Canada as number 1 country to do business

11.11.2011  22:17
Forbes ranked Canada as the best country for business (October, 2011), moving up from fourth spot - and knocking off Denmark, helped by a lower overall tax burden.

 

On October 4, Forbes ranked Canada as the best country for business. “ While the U.S. is paralyzed by fears of a double-dip recession and Europe struggles with sovereign debt issues, Canada’s economy has held up better than most” says the influential U.S. business magazine. The $1.6 trillion economy is the ninth biggest in the world and grew 3.1% last year. It is expected to expand 2.4% in 2011, according to the Royal Bank of Canada.

Canada is the only country that ranks in the top 20 in 10 metrics that Forbes considered to determine the Best Countries for Business (they factored in 11 overall). It ranks in the top five for both investor protection as well as lack of red tape, which measures how easy it is to start a business.

Forbes also highlights the stable Canadian financial sector and states: “Canada’s major banks, however, emerged from the financial crisis of 2009/09 among the strongest in the world, owing to the financial sector’s tradition of conservative lending practices and strong capitalization,” read the Forbes report

The other countries in the Top Ten include New Zealand, Hong Kong, Ireland, Denmark, Singapore, Norway, the United Kingdom, and the US at 10th spot.

Click on this link to access the rankings  and here to read the Forbes magazine’s article.