Belarus has taken 88th place in Forbes’ Best Countries For Business ranking. This year, it has been positioned between Moldova and Barbados.
“As part of the former Soviet Union, Belarus had a relatively well-developed industrial base, but it is now outdated, inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets. The country’s agricultural base is largely dependent on government subsidies. Following the collapse of the Soviet Union, an initial burst of economic reforms included privatization of state enterprises, creation of private property rights, and the acceptance of private entrepreneurship, but by 1994 the reform effort dissipated. About 80% of industry remains in state hands, and foreign investment has virtually disappeared,” Forbes describes the economy of Belarus.
According to Forbes, among our neighbours it is Lithuania that provides the best conditions for doing business (27th), Poland (34th) and Latvia (36th). Russia is on the 55th position, Ukraine – on 77th.
For the second year in a row, the United Kingdom has topped the ranking; Sweden and Hongkong being on its heels. Canada, Denmark, Singapore, Australia and Switzerland also make the top ten.
If the ranking is anything to go by, the worst business situation is in the Central African Republic, the Congo, Guinea-Bissau, Equatorial Guinea and Chad.
When making the list, Forbes takes into consideration tax system, protecting property rights, corruption level, bureaucracy, innovations, etc.