The Global Business Environment Index issued by the Economist Intelligence Unit showed that Singapore would be the best place for business in the world over the next five years. This is according to the unit's business environment rankings for the fourth quarter of 2022, while Canada and the United States ranked second and third, respectively, while Western Europe retained its position within the top 20.
The “Economist Intelligence” noted that the biggest improvement over the past three years, preceding the turmoil caused by the Corona pandemic and the war in Ukraine, was in the business environment in Greece, Qatar, the United States, and the UAE, the worst cases were in Latin America, in addition to Russia and Ukraine.
The unit indicated that high oil prices enable the economies of energy-producing countries to invest more in technology and infrastructure modernization, as well as benefit the region from Europe's shift from importing gas through the Russian pipeline to LNG suppliers, especially in the Gulf States and the United States. The “Economist Intelligence” revealed that the cuts in capital spending because of the budget decline that accompanied the pandemic led to a dampening of macroeconomic growth in the region. However, the impact on the business environment has been positive, with governments having to prioritize reforms that support business activities such as improving public-private partnership frameworks, financial support programs, and foreign investment.
Source (Al-Rai Kuwaiti Newspaper, Edited)
