In FORBES' fifth annual ranking of the Best Countries for Business the U.S. dropped from second to ninth. No surprise, perhaps. Blame the high tax burden and a poor showing on trade and monetary freedom compared to many other developed nations. Another major issue: The business climate for entrepreneurs and investors in the U.S. has fallen behind other countries.
"India is developing into an open-market economy, yet traces of its past autarkic policies remain," noted the US business magazine placing India at 77 ahead of Sri Lanka (83), China (90) and Pakistan (92) in its fifth annual ranking of 128 economies.
Grabbing the top spot for a third straight year is Denmark. A big mover up the rankings is Hong Kong, which swapped places with the US, moving up to No. 2 from No. 9. It scored in the top three for taxes, investor protection and both trade and monetary freedom.
One of the most business-friendly environments can be found in New Zealand, ranked No. 3 (up from No. 5 last year), Forbes said. Among the worst countries for business, Zimbabwe moved out of the bottom of the rankings this year thanks to Venezuela.
The ranking is based on 11 categories, including property rights, technology, corruption, red tape, investor protection and stock market performance.
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