According to the US News & World Report, Panama ranks first in the countries open to the business, which is derived from the Best Countries in 2017. The report was conducted in partnership with the brand strategy firm Y & R, BAV Consulting and Wharton School of the University of Pennsylvania in the United States.
Panama ended up at the top of this list for the current year, surpassing Luxembourg, Switzerland, Denmark and Finland, who occupied the second, third, fourth and fifth positions, respectively.
In order to put together the ranking of the best countries where Panama ranks 41st and from which the Subranking of Open to Business is derived, a survey was conducted of 21,000 people from four regions to associate 80 countries with specific characteristics.
US News & World Report explains that the Open for Business subrank is based on an equally weighted average of five country attributes that relate to business. Bureaucratic aspects, cheap manufacturing costs, favorable fiscal environment and transparent government practices are taken into account.
The thematic subranking is formed by grouping the attributes of countries with similar global trends in survey responses.
Scores of this list for each country were determined by averaging the scores the nation received on each of the attributes that comprise it.
It was detailed that despite the perception that places Panama as a corrupt country, and last in terms of transparent commercial practices, the country is considered the first in the list of countries open to business.
Panama surpassed half of the countries from its 41st place in the overall ranking of the best countries to this first place.
The 2017 Best Countries report and rankings are based on how global perceptions define countries in terms of a number of qualitative characteristics, impressions that have the potential to boost trade, travel and investment and directly affect economies countries.
At least 80 countries were measured in the report on categories such as: adventure, cultural influence, entrepreneurship, heritage, motors, open to business, quality of life, power and situation of citizens.
The highest score in Panama was in the aspect of being open to the business, where it obtained 10 points.
While in adventure 3.9, citizens’ situation 0.9, cultural influence 0.8, entrepreneurship 0.9, heritage 1.0, engines 2.2 power 0.3 and quality of life 1.1.
Switzerland, Canada and the United Kingdom are positioned in the first three boxes of the global ranking.