Singapore best city for growing businesses

Best Places for Growing Businesses in the World

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In 2012, Singapore came as the best country in the world for growing businesses, according to the Grant Thornton Global Dynamism Index. The United States came at 10th place, still ahead of France, China and Japan, and trails South Korea and Germany by a narrow margin and is ranked eighth in the area of financing environment.

More than 400 senior executives from a broad range of countries and industries were then interviewed to determine which aspects of these attributes they deemed most important for growing businesses and business growth. All respondents held C-Suite, board roles or other senior decision making roles in a wide variety of sectors and geographical regions.

in 2012, Singapore was the best country for growing businesses. Credit Flickr / Jundy Tiu / joshua_santino

In 2012, Singapore was the best country for growing businesses. Credit Flickr / Jundy Tiu / joshua_santino

Around half were drawn from businesses with global annual revenues exceeding $500m. Survey respondents were asked to assign an importance to each of the indicators for their company. The following the survey findings:

Growing Businesses Overall Rankings by Cities

1. Singapore 72.1 6. Australia 65.6
2. Finland 70.5 7. Switzerland 65.1
3. Sweden 69.6 8. South Korea 64.9
4. Israel 69.3 9. Germany 64.8
5. Austria 66.1 10. United States 64.1

A. Best Cities for the Business Operating Environment

(Based on foreign trade and exchange regimes and controls; policy towards private enterprise and competition; political stability; and legal and regulatory risk)

1. Finland 94.2 6. Canada 91.2
2. Ireland 93.4 7. Australia 90.7
3. Sweden 92.8 7. Luxembourg 90.7
4. Netherlands 91.5 9. New Zealand 90.4
5. Denmark 91.4 10. Austria 90.1

B. Best cities for growing businesses based on science and technology

(Broadband subscriber lines per 100 inhabitants; growth in broadband subscriber lines; R&D as % of GDP; total IT spending growth)

1. Israel 73.0 6. Japan 58.8
2. Finland 65.8 7. Denmark 56.4
3. Sweden 64.9 8. Taiwan 53.9
4. South Korea 61.0 9. Germany 53.5
5. Switzerland 59.0 10. UAE 53.2

C. Best cities for growing businesses based on labor and human capital

(Labor productivity growth; unemployment; school life expectancy; % of population under 30.)

1. Argentina 72.5 6. South Korea 64.1
2. Slovak Republic 72.4 7. Australia 63.9
3. Uruguay 69.0 8. Norway 62.4
4. China 67.4 9. Indonesia 62.1
5. New Zealand 65.6 10. Taiwan 61.6

D. Best cities for growing businesses based on financing environment

(Quality of overall financial regulatory system; access of firms to medium-term capital; growth in value of inward M&A deals; value of inward M&A deals; private sector credit as % of GDP; inward direct investment growth; corporate tax burden.)

1. Singapore 82.2   6. Poland 70.4
2. Finland 72.3 7. New Zealand 69.8
3. France 71.8 8. United States 69.5
4. Austria 71.4 9. Israel 68.3
4. Chile 71.4 10. Slovenia 67.6

E. Best cities for growing businesses based on economics and growth

(Real GDP growth; private consumption per head; change in $ value of stock market index.)

1. Argentina 95.6 6. Indonesia 79.8
2. China 94.6 7. Nigeria 79.4
3. Uruguay 82.3 8. Turkey 78.0
4. Chile 80.6 9. Singapore 75.3
5. India 80.0 10. Colombia 73.8
10. Russia 73.8