Very few executives could have predicted a virus originating in China would lead to worldwide economic devastation in 2020. Just four months after the first official reports of the COVID-19 outbreak in Wuhan, more than three million cases have been confirmed globally, and with this comes exponential economic unrest.
The pandemic could possibly trim global economic growth by 2% while global trade is predicted to plummet by up to 32%, according to Congressional Research Service.
Stock market uncertainty and businesses facing unprecedented challenges, many of which won’t be known until the peak of the health crisis hits, makes for a suitable time to look at the best places to invest.
The study analysed 80 countries according to business and investment environments. Corruption, freedom, workforce, investor protection, infrastructure, taxes, quality of life, red tape and technological readiness were among the factors taken into consideration.
Singapore topped the list for the 2020 edition as the most attractive nation for investors and businesspeople.
The UK was ranked second followed by Poland, Indonesia and India; however, it’s important to note the results do not take into consideration the current pandemic and any effects the health crisis may have on the economy.
Comparatively, Iran was ranked 80th on the list, just below Saint Lucia, Dominica, Grenada, Saint Kitts and Nevis, and Antigua and Barbuda.
The island city-state was crowned the best nation to invest in or do business in for 2020 with a total score of 86.087.
2. The UK
Coming in at second place, the UK was found to offer the next best opportunity for investors with a total score of 84.494.
Perhaps an unexpected entry for many, the Eastern European nation was found to be one of the top-tier places for investment, ranking highly for market potential and institutional framework.
In the fourth position, the popular holiday destination for Australians received a total score of 82.978.
The South Asian nation scored highly in institutional framework followed by education and research.
With a total score of 82.305, the continent performed well across all sectors including education and research, market potential and trade openness.
Described as being the tech hub of Asia, the nation scored the seventh-best place for businesspeople.
8. The US
While the country has the highest number of confirmed coronavirus cases in the world, it was ranked in the top 10 best countries to invest in for 2020 – before COVID-19 swept the globe.
The fifth Asian country to make the top 10 recorded a total score of 81.021, fairing the best in institutional framework.
10. Czech Republic
The landlocked central European nation is among the leading places for investors for this year.