Canada now second in Bloomberg’s best countries for doing business
23 Jan 2014
National Post – (Latest Edition)
By Theophilos Argitis Bloomberg News
Business-friendly Canada overtakes U.S. in ranking
Jumps four spots on list of best countries for doing business
Canada, struggling to emerge from a two-year slump brought on by weak exports, has swept past the United States, Germany and Japan in a Bloomberg ranking of the best countries for doing business.
Canada rose four places to reach second place, behind only Hong Kong, which led for a third straight year. The U.S. fell one spot to third place in the index that’s based on six criteria, followed by Singapore and Australia.
The rise in the ranking for Canada reflects recent corporate tax cuts and the impact of a weakening dollar that policymakers are projecting will help the world’s 11th-largest economy rebound from weaker-than-expected exports. A falling dollar lowers input costs relative to competitors, while the tax cuts helped make investments more profitable.
“Those are two big factors,” said John Manley, a former Canadian finance minister who is now head of the Ottawa-based Canadian Council of Chief Executives. “Compared with a lot of the world, we have a pretty good story to tell.”