By John Lee.
Iraq has been ranked in 130th place in the Forbes Best Countries for Business index, out of the 161 countries measured.
The index gauges the Best Countries for Business by rating nations on 15 different factors, including property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape and investor protection. Other metrics included were workforce, infrastructure, market size, quality of life and risk.
The top three positions were taken by the United Kingdom, Sweden and Hong Kong, while the Central African Republic, the Republic of Congo and Guinea-Bissau were at the bottom of the list. Libya was ranked in 152nd place.
According to the report:
“Overregulation has made it difficult for Iraqi citizens and foreign investors to start new businesses. Corruption and lack of economic reforms – such as restructuring banks and developing the private sector – have inhibited the growth of the private sector.”