For five years now, the European Chamber (EuCham) has been ranking 46 European countries, including Serbia, which appear to have a good business environment. The Chamber’s research is based on the World Bank and Transparency International indices – the EoDB (Ease of Doing Business) index and the CPI (The Corruption Perception Index) score respectively.
The EoDB index measures the gap between the country’s economic policies and regulations, and the best practice on each indicator across all economies (e.g. starting a business, paying taxes, trading across borders, property registration). The difference is shown on a scale from 0, representing the lowest possible score, to 100, which is the highest.
The CPI score determines how corrupt each country’s public sector is seen to be on a scale from 0 (highly corrupt) to 100 (very clean). A very low score indicates comprehensive bribery and lack of adequate penalty for corruption or a country’s governments failing to respond to social needs.
The rankings are compiled into a report titled „Best European Countries for Business“.
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The 2020 report ranks Serbia in 38th place (out of 46) overall, with the cumulative score of 57. Compared to 2019, Serbia fell one place.
In terms of the EoDB index, Serbia scored 75.70, an improvement from last year’s 73.49, while concerning the CPI index, the country scored the same – 39 – both in 2019 and 2020.
Four Nordic countries (Denmark, Sweden, Norway and Finland) top the 2020 list while Ukraine is ranked last, in the 46th place. The countries that have made the biggest progress on the list, relative to 2019, are Armenia (up 6 places), Spain, Montenegro and Azerbaijan.
Mr Michele Orzan, the president of the European Chamber, explains that this research is food-for-thought and it represents for many an incentive to improve society. “We have many challenges today,” says Orzan, who is Italian and has extensive knowledge of Central and Eastern Europe, “but the contribution that a healthy business sector can give to a sustainable society is crucial.”
Regarding Serbia, which still has to improve in order to catch up with the rest of the continent, and it has played a special role for Europe in the Balkans for a long time, Mr Orzan acknowledged that there are no substantial variations in the economic fundamentals, while at the same suggesting it needs to do better in the integrity sphere and in structural reforms.
“Serbia definitely deserves more and can have a much brighter future,” continues the president, “it just has to focus on improving its transparency climate and ethical standards. Development in these fields would bring enormous benefits to the society-at-large and its overall long-term welfare.”
Source: EuCham – “Best European Countries for Business in 2020“
This post is also available in: Italiano