Forbes ranks Ireland highly

Ireland is the fourth best country in the world in which to do business and ranks top of the pile in terms of personal freedom, according to Forbes’ annual rankings.

Described as a small, modern, and trade-dependent economy, Ireland ranks highly across many of the 11 metrics, with only Denmark, Hong Kong, and New Zealand faring better.

The US business magazine’s annual Best Countries for Business grading takes into account property rights, innovation, taxes, technology, and stock market performance.

As well as being rated as the country with the greatest degree of personal freedom, Ireland also scored well in terms of investor protection and tax burden — two topics of much discussion at both national and European level at the moment with the mooted Transatlantic Trade and Investment Partnership and the European Commission’s tax probe into so-called sweetheart deals.

The country’s market performance (30th), level of innovation (18th), and degree of corruption (17th) were adjudged to be not quite as attractive, however.

“In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become an even more important component of Ireland’s economy. Agriculture, once the most important sector, is now dwarfed by industry and services,” the Forbes report reads.

It goes on to describe the “draconian budgets” introduced by the Cowen government, adding that the current Coalition has intensified austerity measures in order to meet the deficit targets imposed by the troika before exiting the bailout programme last December.

Europe dominates the Forbes’ top 25, with countries generally scoring well across the board on trade, personal freedom, innovation, and corruption.

Asia-Pacific was represented by five countries in the top 25 with the US and Canada rounding it out.

The US ranks 18th this year, down four spots from 2013 which represents the fifth straight year of declines.

African nations make up 60% of the bottom 10 countries on the list with high levels of corruption, red tape, and taxes all major issues.

Denmark has regained its crown, having held first position for consecutive years between 2008 and 2010.