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Europe leads the way on global business environment

Europe leads the way on global business environment

Bahrain is ranked 57th, achieving its’ highest scores in economic openness and quality of institutions.

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KPMG’s 2019 edition of the Growth Promise Indicators (GPI) index ranks 180 countries to assess their productivity potential, rating them from zero to 10, based on 26 indices. The report finds that the front-runners are truly global with countries in Asia and Europe accounting for the top 10 places.

Switzerland leads the way, followed by the Netherlands. Elsewhere in the top 10, Luxembourg and Finland have leapfrogged Norway while this year’s ranking has also seen Mauritius, the Bahamas and South Korea make significant ground.

Elsewhere, investment in infrastructure, particularly in technology readiness has paid off for South Korea who has seen the biggest improvement in its GPI ranking of any developed economy, while India’s commitment to greater transparency and improved business rights has helped it rise four places. The UAE has also moved up four places due to advances in infrastructure, chiefly transport.

Ramachandran Narayanan, Partner and Head of Advisory at KPMG in Bahrain, commented on the report finding and said “The index showcases that top performing countries globally that have been able to lay the foundations for solid growth are the ones to follow. Smaller nations, such as South Korea and the UAE, are also moving quickly up the rankings, while developing economies are often making progress faster than their developed counterparts. In Bahrain, openness of the economy and the quality of institutions have led to the Kingdom’s ranking in the top 60, whereby both are important factors in promoting sustainable economic growth.”

Yael Selfin, Chief Economist at KPMG in the UK and author of the report concluded “Globally, many countries still lag behind on important indicators, such as the transparency of policymaking and the quality of regulation. As we highlight, this is one area where improvements can trigger wider changes that lay the groundwork for future growth.”

The full report can be downloaded here

© 2020 KPMG Fakhro, a Bahrain partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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