Mauritius tops Sub-Saharan Africa in Forbes’ Best Countries for Business list
Despite dropping five places in global ranking to 34th place, Mauritius still leads among Sub-Saharan African economies, followed by South Africa, Botswana, Zambia and Namibia which rounded up the top five African nations at 43th, 69th, 70th, and 72th place respectively. (Image: Peter Adams—The Image Bank/Getty Images)
Mauritius has once again topped the region in the list of Best Countries for Business compiled by Forbes in 2014, which graded 146 nations worldwide on 11 different factors.
The island nation came 34th in global ranking, compared to 2013, when it was ranked 29th. Despite dropping five places, Mauritius still leads among Sub-Saharan African economies, followed by South Africa, Botswana, Zambia and Namibia which rounded up the top five African nations at 43th, 69th, 70th, and 72th place respectively.
The latest Forbes Business list puts once again Mauritius in the limelight as a promising emerging economy while strengthening its business status in the Sub Saharan region. In 2014, Mauritius showed a growth in GDP of 3.4%, a GDP per capita of $16100 and a negative trade balance of -9.2%.
The African nations rounding up the top 10 are Rwanda with worldwide rank of 74th, Cape Verde (76th), Morocco (79th), Seychelles (80th) and Ghana (81th).
From a global perspective, Denmark takes on top honours, coming from the 4th place in 2013 to take on the 1st place in 2014 with a GDP growth rate of 0.1% and a GDP per Capita of $37,800. Hong Kong climbed up to the second place in 2014 from the third in 2013 and the New Zealand, the smallest economy of the three, completed the top three in the best business countries podium of Forbes.
As for Ireland, it lost its leading position in this context going from 1st in 2013 to 4th in 2014. Sweden, Canada, Norway, Singapore, Switzerland and Finland took on the 5th, 6th, 7th, 8th, 9th and 10th place respectively in order to complete the top 10 ranking of Forbes.
Among other noteworthy economies, the rank of the United States dropped again in 2014 to 18th from 14th place in 2013.
Forbes takes into account eleven different factors before considering and grading the Best Countries for business: property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance. Each category was equally weighted.
Forbes uses economic data from the World Bank’s Doing Business report, which covers taxes, investor protection, and red tape/bureaucracy. Heritage Foundation’s Economic Freedom report in turn provides the basis for trade freedom and monetary freedom data for Forbes.
Ranking on technology and innovation is taken from the World Economic Forum’s annual Global Competitiveness Report and ranking for stock market performances is taken from Bloomberg, based on 12-month returns for leading stock and International property rights. This completes the list of economic parameters that are taken into consideration before the ranking of the best countries to do business by Forbes.