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JAMAICA | Top Caribbean Country for doing business says Forbes' global report

Featured The skyline of the New Kingston business community in Jamaica The skyline of the New Kingston business community in Jamaica
BRIDGETOWN, Barbados  – Jamaica has been ranked by the US-based Forbes Magazine as 'best country for business' in the Caribbean Community in 2018, while the French-speaking island of Haiti is ranked among the worst three countries in the world for doing business, according to Forbes.

In its 12th edition of the annual report “Best Countries for Business”, Forbes Magazine declared the United Kingdom as the best of the 153 countries surveyed for business next year, despite uncertainty over Brexit.

Forbes said the country had risen in its rankings from fifth last year to first and indicated that  the UK was inside the top 25 nations in each of the metrics it judged, except for political risk.

An article for its magazine which launched the rankings said the country scored "particularly well" on technological readiness (fourth) and the size and education of its workforce (third).

The report pointed to the current dominance of the UK's financial services sector and investment by top US technology firms, including Apple, as major positives for the country.

It also cited low unemployment as a benefit.

The magazine determines the Best Countries for Business by rating 153 nations on 15 different factors including property rights, innovation, taxes, technology, corruption, infrastructure, market size, political risk, quality of life, workforce, freedom, red tape and investor protection.

It said the data is based on published reports from several reputable organisations, including the United Nations, Transparency International, World Bank Group and World Economic Forum.

According to Kurt Badenhausen, senior editor of Forbes magazine, Jamaica was ranked at number 72, followed by Trinidad and Tobago at 75 and Belize at 111.

Guyana was listed at 113 with Suriname at 135 and Haiti at 151.

The magazine said Haiti is the worst performer among non-African countries, after indicating that African nations populate the worst countries for business with six of the bottom 10.

Most of these countries fare poorly on innovation, trade freedom and investor protection, it noted.

  • Countries: Jamaica