Ireland ranked as the best country in which to do business

Ireland has been ranked as the best country in the world in which to do business. That’s according to a report by leading US financial magazine Forbes which praises Ireland for our low corporation tax, protection for investors and stock market performance. Forbes also says Ireland’s financial crisis makes us “more attractive” for multinationals – giving rise to low wage costs and a large labour pool. Forbes Logo Ireland’s rise to the top spot of the Forbes rankings from 6th place last year – puts us ahead of New Zealand, Hong Kong and the Scandanavian economies rounding out the top five. The magazine praises Ireland for maintaining an “extremely pro-business environment” noting that we’re the only nation to rank among the top 15 per cent in every one of the criteria used to gauge the best countries. It says that our improved performance owes a lot to a stock market which they describe as being “on fire” – with the best return over the past 12 months of any of the top 30. However, the key to Ireland’s ranking is all about foreign investment namely our 12-point-5 per cent corporation tax rate, an educated workforce and common language. It notes that US firms have invested 130bn dollars in Ireland between 2008 and 2012 – more than the past 58 years combined. Perhaps controversially, Forbes says the financial crisis is seen as a good thing – highlighting falling wages and our “stubbornly high rate of unemployment” of 12-point-5 per cent providing a large labour pool to hire from.