For the first time since its conception in 2006, influential US financial magazine Forbes has named Ireland the best country in the world for business.
Ireland ranks first, followed by New Zealand, Hong Kong, Denmark and, in fifth place, Sweden, having moved up from 6th place last year.
Despite Ireland’s economic troubles since 2007; the recession, the property bubble bursting, the IMF bailout and the high volumes of emigration, the country still ranks among the top 15% of countries in every one of the 11 metrics examined by Forbes, including low tax burden, investor protection, personal freedom and business friendliness.
Other factor which also influenced the high ranking are price stability and a highly active stock market. Also, it’s continued ability to attract Foreign direct investment with its educated workforce, low corporate tax rate at only 12.5%, and the language.
In fact, Ireland was the 4th largest recipient of U.S. foreign direct investment last year, and with a larger U.S. investment in the 4 years of 2008 to 2012 than in the previous 58 years combined. Dublin is also a prime location for HQs for large overseas companies such as Google, Twitter, Facebook & LinkedIn. The current high unemployment levels (12.8%) also adds to the selection of labour for overseas companies.