Forbes’ best countries for business 2019 and ASEAN countries

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Forbes,the well known magazine of the world,released best countries for business 2019. Forbes has rated the business friendliness of the world’s biggest economies annually for the past 13 years.In 2019,the United Kingdom ranked first for the second straight year on the strength of its workforce, innovation and lack of red tape in spite of uncertainty surrounding Brexit.

Forbes determined the Best Countries for Business by rating 161 nations on 15 different factors: property rights, innovation, taxes, technology, corruption, infrastructure, market size, political risk, quality of life,workforce,freedom (personal, trade and monetary), red tape and investor protection. 

Asia and ASEAN

In Asia,Hong Kong, having GDP growth 3.8%,GDP per capital 46200 USD and trade balance 4.3%,was the best and ranked No.3 in the world.Hong Kong’s the population was 7.2 million in the ranking.In ASEAN, Singapore was the best and the world’s rank was No.8 after Denmark,No.7. Forbes counted Singapore as a state city of 6 million population and GDP per capital of USD 57700.Its GDP growth  and trade balance per GDP were 3.6% and 18.8%.

Which country was the second best in ASEAN in the Forbes’ ranking? It was Malaysia,having 31.8 million population and GDP growth 5.9%.Its GDP per capital was USD 9900,and trade balance per GDP was 3%. Forbes ranked it No.35 in the world.

The third in ASEAN was Thailand,having 68.6 million population.Thailand’s GDP growth was 3.9% and GDP per capital was USD 6600.Its trade balance per capital was 11.2% and the world’s rank was 47,which was above China’s 49.

Indonesia,having 262.8 million of population,was the fourth in ASEAN and ranked 60 in 161 countries rated by the Forbes.Its GDP growth was 5.1% and GDP per capital was USD 3800.Trade balance per capital was -1.7%.It was higher rank than India,having world rank 63.

After Indonesia,60,Brunei,having 0.5 million people,was rated the world rank 61 and the fifth of ASEAN countries.GDP growth and GDP per capital of Brunei showed 1.3% and USD 28300 in the ranking.

Vietnam was the best of CLMV countries

Vietnam,the fast growing economic country of ASEAN and having 97 million population, ranked 84 out of 161 nations and the sixth of ASEAN countries. Forbes counted Vietnam’s GDP growth as 6.8% but the communist government declared GDP growth of the country reached the highest 7.2% in the last decade. Its GDP per capital was USD 2300 and trade balance per capital was 2.5%. Among the CLMV countries of ASEAN, Vietnam was the best for business 2019 of the Forbes.

The Forbes ranked Temor-Leste,the last member of ASEAN and the least population of 1.3 million in the ASEAN region,111 out of 161 and the seventh best of the region.Temor’s GDP growth was -4.6% and GDP per capital was USD 2300. Its trade balance per capital was  -10.2 % and it was higher rank than Nepal,116.

The worst three and Myanmar in ASEAN

Now,the remaining  three countries,Cambodia,Laos and Myanmar,were rated the worst for business 2019 in ASEAN region. Can you guess which one was the best in three,Cambodia or Myanmar,or Laos? Cambodia,having 16.4 million was the world rank 122 and the best of three. So Cambodia, having  GDP growth of 6.9% and GDP per capital of 1400 USD was the 8th of ASEAN.Its trade balance per GDP was -8.5%.

According to the ranking,Myanmar,having the population of 55.6 million, was the second worst for business 2019 in ASEAN.It was the 9th rank of ASEAN.The Forbes ranked Myanmar as 137 out of 161 countries.From my point of view,Myanmar doesn’t deserve the rank 137,that is nearly along the same line of  the poorest African countries such as Angola,Malawi and Zimbabwe.In the ranking, Myanmar’s GDP growth was 6.8% and GDP per capital was USD 1300. Its trade balance per GDP was -4.3%.

Lastly, you can know easily that the worst rank for business 2019 in ASEAN.It was Laos,having 7.2 million population.Laos’s GDP growth was 6.9% and GDP per capital was USD 2500,more than that of Myanmar.Its trade balance per GDP was -12.1%.

Forbes rated the countries based on the data published reports from Freedom House, Heritage Foundation, Property Rights Alliance, United Nations, Transparency International, World Bank Group, Marsh & McLennan and World Economic Forum.

Ref: Forbes

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