Ireland ranked best in world to do business

Ireland is the best country in the world in which to do business, according to a report by leading US financial magazine Forbes.

Ireland ranked best in world to do business

Ireland is the best country in the world in which to do business, according to a report by leading US financial magazine Forbes.

The report praises Ireland for our low corporation tax, protection for investors and stock market performance.

Forbes says the financial crisis is seen as a good thing - highlighting falling wages and our "stubbornly high rate of unemployment" of 12.5% providing a large labour pool to hire from.

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 Scandinavian 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% 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 12.5% corporation tax rate, an educated workforce and common language.

It notes that US firms have invested $130bn in Ireland between 2008 and 2012 - more than the past 58 years combined.

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