New Zealand has been ranked second in the world in a study of the best place to do business.
Placed third last year, New Zealand came behind Canada in a study by global media giant Forbes which ranks 134 countries across 11 metrics.
Forbes considered property rights, innovation, taxes, technology, corruption, freedom - personal, trade and monetary, red tape, investor protection and stock market performance.
''While the US is paralysed by fears of a double-dip recession and Europe struggles with sovereign debt issues, Canada's economy has held up better than most,'' Forbes said.
''Canada skirted the banking meltdown that plagued the US and Europe. Canadian banks emerged from the tumult among the strongest in the world thanks to their conservative lending practices.''
Canada was ranked fourth last year. Denmark dropped from the top spot in 2010 to number five this year as its relative monetary freedom declined as measured by the Heritage Foundation. Denmark's stock market also fell 14 per cent which was the worst performance of any of the top 10 countries.
New Zealand secured top rankings in the metrics gauging red tape, investor protection, corruption, property rights and monetary freedom. It ranked relatively well, too, in terms of market performance, technology and tax burden as well.
Forbes used research and published reports from the Central Intelligence Agency, Freedom House, Heritage Foundation, Property Rights Alliance, Transparency International, the World Bank and World Economic Forum to compile the rankings.
Australia is ranked 11th. At the tail end are Angola, Burundi, Zimbabwe and Chad in 131st-134th spots.
What Forbes' senior editor Kurt Badenhausen said:
1. Canada ranked fourth last year. Scores very well with investor protection as well as red tape - how easy is it to start a business. Canada is the ninth largest economy in the world. They scored in the top 20 in 10 of the 11 metrics looked at. GDP growth was 3.1 per cent last year and this year is supposed to be 2.5 per cent in this environment is pretty good
2. New Zealand - ranked third last year. Is the smallest economy of the top 10 but has continued to hold up very well during this global recession
3. Hong Kong - incredibly vibrant community - one of the lowest tax burdens in the world
4. Ireland - their banks have certainly had their problems but they score very well when you look at investor protection
5. Denmark. They were number one last year but were hurt by bad stockmarket performance over the last 12 months
6. Singapore experienced tremendous growth - 14.5 per cent GDP growth last year also tremendous trade freedom. Their trade balance is 21 per cent
7. Sweden is the most innovative country if you look at patents per capita
8. Norway - in terms of trade freedom and property rights, among the best in the world
9. United Kingdom had some bank problems and riots in August; still one of the biggest financial centres in the world
10. United States - highest corporate taxes in world hold it back from being ranked higher
- BusinessDay.co.nz
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Oldest FirstChristopher Wingate #14 1:47pm
I have read these types of reports before- and can be treated as such rather like Moody's or S&P "AAA Ratings" or perhaps George Bush's endless hyperbole. I am a kiwi, went to Australia at 18 came back at 28 a millionaire ready to help surge my nation forward. During that time I dealt with more idiots in power than I have ever encountered ever before in any nation. Just read this blog I posted- nothing offensive- just a story about how rotten NZ really is. http://worldeconomy-wingate.blogspot.com/2010/08/billionaires-millionaires-why-invest-in.html
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