Serbia, Belarus and Ukraine Ranked Lowly by Wharton Business School


Serbia, Belarus and Ukraine are amongst the least open for business out of the 80 economies included in the recent ‘Best countries to start a business’ report by US News & World Report, the Wharton Business School and BAV Consulting. The countries rank 75th, 77th and 78th respectively.

In this year’s World Bank’s Doing Business report Belarus ranks 37th, 13 notches higher than in the previous year. The World Bank ranks Serbia 47th (up from 54th in 2016) and Ukraine 80th (up from 81st).

”Belarus might have improved throughout the years, but it is still perceived as having higher costs than the rest of the world,” David J. Reibstein, professor of marketing at the Wharton Business School and a co-author of the report tells Emerging Europe.

“Why does it matter? One of the component of a country’s GDP is the foreign direct investment and investors will be unlikely to invest in Belarus thinking its costs are not as low costs as some other locations. There that have been some structural changes in Belarus but people do not recognise them, as such, worldwide. We used different criteria, based on 65 country attributes that were correlated with GDP per capita,” Professor Reibstein adds.

The rating was based on a survey of more than 6,000 business people. The more a country was perceived to exemplify a certain characteristic, in relation to the average, the higher that country’s attribute score was and vice versa. The main criteria for the ranking were the level of corruption, a favourable tax environment, bureaucratic procedures, cheap manufacturing costs and transparent government practices. After using these standards, Asian countries represent the most attractive environment for entrepreneurs, with Singapore and Thailand being first in the Asian continent.

Across emerging Europe, Latvia, ranked 30th, is the most open for business, followed by Slovenia (36th), Hungary (37th) and Poland (38th).


Belarus Is One of the Top Outsourcing Destinations of 2016

While the EU Makes Plans for CEE China Makes Investments

Nuclear Security Summit In Washington, 2016

Non-Financial Reporting No Longer a Secondary Consideration in CEE

The Reality in Romania Exposes False Perceptions Of The Country

Bloomberg Croatia Business Day 2015

Meghri Becomes Armenia’s Third FEZ

armenia emerging europe

Croatian Salaries Are Growing in Line With Other CEE Countries

Dubrovnik Croatia emerging europe

IMF Believes State-Owned Enterprises Must Be Reformed

Image of the banknotes of new Belarusian banknotes five rubles put into circulation July 1 2016

Young Well-Paid IT Specialists Are Making Belarus Known Internationally

New investors interested in Belarus’ Great Stone Industrial Park

Merkel: Albania is taking big steps forward

Ukraine to Restart Privatisation to Realise Profits

Pricatisation electricity ukraine

Larisa Manastirli: Where is Bulgaria After Ten Years in the EU?

Business Standards Are High in SEE But Vary Widely

Aerial view of The Cathedral of the Assumption in Varna

Air Passenger Volumes Reach Record High in the Baltics


The essence of the Customs Union is protectionism

Belarus’ Economy Is Slowly Recovering From Past Declines

Germany and Belarus: Thinking Globally Acting Locally

Fitch And the World Bank: Economic Growth To Remain Solid Within CEE In 2016

Doing Business Across Eurasia Could Be Easier

Eurasia emerging europe schneider group

The Next Four Months Crucial For the Belarus-EU Relations

Poland Is Set To Become a Large Economic Zone

Aerial view over the building materials processing factory. View from above.

PE and VC Investment In CEE Is At an Eight-Year High

venture capital

Poland’s Business Constitution Must Be Finalised

Front of finance ministry in Warsaw Poland with a fountain framing the entrance. Could be used for images about Euro currency problems

Belarus: Changing Old Ideas And Mixing With the New in Belarus’ Export Market

Innovation Brings Great Opportunities to the Belarusian Economy

Towards a resilient Europe, strategies for the future

SEE Link — Sharing SEE Europe’s Hopes for a Brighter Investment Future

CEE Emigrants Could Boost Their Countries’ Economies

Londoners walking through Millennium Bridge with St.Paul's Cathedral at the background after sunset - London, UK

Valga and Valka – Where Estonia and Latvia Work Together

Valga valka emerging europe

Belarus Has To Make an Extra Effort To Change Investors’ Perceptions

“e-Belarus”: Embracing the Internet and its Possibilities

The Slovak Matchmaking Fair open for registration

High-Tech Park in Minsk is growing rapidly

Albania’s Construction Sector Supports the Country’s Growth

SARANDA, ALBANIA - MAY 18: View of the city Saranda, most important tourist attraction of the Albanian Riviera on May 18, 2017 in Saranda, Albania.

The Belarusian Banking Sector Moving Towards Modernisation Despite Some Challenges

FocusEconomics: Belarusian Economy to Grow in Q4 2016 and Onwards

Lech Wałęsa: Hard Options Can Force Nations to Get Down to Work

Belarus Is Making the First Steps onto the International Finance Floor

Not All Quiet on the Eastern Front

Investing in Ukrainian Food and Agriculture

GE Inaugurates Its New Bucharest Software Centre

Asian Outsource Developer Team Sitting At Desk Working Laptop Computer Mobile Application Software Real Office

The Czech government attracts FDI and creates jobs

Will the New Five-day Visa-free Regime Encourage More Visitors to Belarus?

Albania is creating three free economic zones

The Belarusian real estate market is on the up

Revenues Of Bulgarian IT Companies Have Sextupled In the Last Decade

The EU’s Benign Neglect Of Eastern Europe

Belarus 2020: Turning the Vicious Circle Into an Upward Spiral

Belarus’s Election Tests the EU’s Global Strategy

Economy Minister: Internationalisation Is the Key To the Slovenian Economy

Poland’s Q2 2017 Growth Is Stronger Than Expected

WARSAW, POLAND - MAY 07, 2016: Building Palace of Culture and Science among the modern buildings of the city

The Great Stone Industrial Park — Making Doing Business Easy in Minsk

The Country Shows Promise but Needs Some Reforms

Germany Is Not Letting Belarus’ Small Downturns Put it off Looking for Investment Opportunities

Ukraine Is Offering Europe Unique Combat and Technological Experience

Business Opportunities in Belarus Encourage Outside Interest

EY: Belarus’ IT Scene Is Thriving

High tech park minsk

A Strategic Asset for Regional Growth and Development in the EU

Pier bridge crane and cargo handling cargo trains transported away.

OECD: Belarus Has to Find Its Own Belarusian Model to Emerge

Jadranka Joksimović: Serbia Takes Its Candidacy of the EU Seriously


After Economic Shocks Armenia Plans for Macroeconomic Stability

yerevan armenia minister of finance

Chris Lowney — What Jesuit Spirituality Can Teach Us About Global Leadership

Macedonia — Stepping Out Of the Shadow Of the Balkans

Brexit Is a Great Opportunity to Attract Foreign Investors to Belarus

Feel the Vibe of the City of Minsk

Trinity suburb in Minsk (Nemiga) Belarus on 20 May 2017

The UK and Belarus: A Partnership to Introduce the Real Belarus to Europe

A Risky Evaluation of Croatia’s Economy?

ZAGREB, CROATIA - JULY 17, 2017: Square Ban Josip Jelacic with tourists and trams on a summer day in Zagreb. City of Zagreb is the capital of Croatia.

CEE-Benefits and Disadvantages of Joining the Eurozone

forint zloty euro

The Belarusian Economy: The Challenges of Stalled Reforms

The Proof of a Country’s Readiness to Attract Foreign Investors Lies in the Development of the Insurance Market

Belarus Has Set an Example for Others to Follow

Cautious Upturn in Emerging Europe Haunted by the Spectre of Uncertainty

Donald Trump

Emerging Europe Live: CEE — The Outsourcing Destination

Belarus is Bringing Opportunities for European Companies

Great Stone

Moldova Launces New e-Procurement System In Search For Positive Change

Photo team work process, holding contract hand, signs documents. Account managers young crew works with startup project.New idea presentation, analyze marketing reports.Blurred, film effect, horizontal.

Emerging Europe Makes Great Strides in Improving Business Regulation for Entrepreneurs

Skopje Macedonia

EBRD Finances Small Business Support And Foreign Trade Promotion In Belarus

Effective Policies Have Strengthened the Georgian Economy

TBILISI GEORGIA Jul. 18 2017: Bridge of Peace is a bow-shaped pedestrian bridge a steel and glass construction over the Kura River in downtown Tbilisi capital of Georgia

Romanian Economy Grows Fast in 2017

Brasov cityscape panoramic and aerial view over medieval architecture of Brasov town, in Transylvania Romania

Breaking trade barriers with CIS has never been easier

Invest in Belarus: looking beyond politics to the future

Investigations Into the Corrupt Ukrainian Fuel and Energy Sectors

Ukrainian money hryvnia. The national currency. Corruption in Ukraine

Veni, Vidi, Vici, Or My Personal Experience of Doing Business in Belarus

German Multivac invests €15 million near Sofia

The EU’s Benign Neglect of Eastern Europe

Winds of Change for Belarus’ Reinsurance Industry?

Lithuania Gives Innovation a StartUp

MILAN ITALY - MAY 2: People visit Lithuania pavilion at Expo universal exposition on the theme of food on MAY 2 2015 in Milan.

Belarus is the most creative EEU country

Belarus-Turkey Investment Forum to increase investment and trade between the two countries

Belarusian Tech Companies Lead a Global Technological Advance in Outsourcing and Product Development

EU Membership and Transition into Market Economies Have Helped CEE Achieve Social Progress

Why Is Belarus Tech Booming?

Slovenia is the CEE region’s leader in VAT collection

Foreigners choose Minsk and Gomel as Belarus’ most attractive FDI destinations

Are Labour Shortages Driving Economic Growth?

Ukraine’s Q2 Growth Climbs

kyiv ukraine emerging europe

Rolling Sales Procedures Together so Everyone Succeeds


Belarus: On the Way to a Market Economy?

Digital Business Space Gives All Businesses an Office in Sarajevo

Sarajevo Bosnia and Herzegovina - August 24 2015. View from Vraca Memorial Park with building of Avaz Twist Tower

Using Words to Paint a Picture – Belarus’ Nobel Prize Winning Novelist

Economy builds bridges in Mostar

Plovdiv — an emerging outsourcing destination

Ametek opened a new factory in Subotica

Foreign Investors: Belarus Offers Opportunities But Further Improvements Are Needed

The Deep Roots of Currency Crises in the Former Soviet Union

Belarusian Economic Recovery May Downgrade Intended Reforms for Competitiveness

Kosovo: A Population of Talented Young Entrepreneurs Waits at Europe’s Door

Central And Eastern Europe At the World Property Market

Business Mentors Helping to Solve Business Development Problems First

Portrait of confident business people interacting in the office

Estonia — Easy Doing Business Destination seminar in the UK

The Shopping Experience Is Set To Go Global in Belarus from 2017 Onwards

Emerging Europe Live: Life in Belarus As Seen by Foreigners

Globalisation Needs to Work, Not Only for the Few but for the Most and in Demonstrable Ways

Global Spread

Hungary Today: Potential and Challenge

Chain bridge on Danube river in Budapest city. Hungary. Urban landscape panorama with old buildings and domes of opera

Falling Student Numbers and Declining R&D Result From Lack of Funds

Lviv Is the Pearl and the Soul of Ukraine

Belarusian Economy on a Diet to Change its Financial Outlook

Derek Chollet: There Is a Resurgence of Supporters of the Transatlantic Relationship

white house

PandaDoc — Rolling Sales Procedures Together So Everyone Succeeds

Bosnia and Herzegovina: Focussing on Stability and Business Climate

Sarajevo Bosnia and Herzegovina - August 23 2015. View of Miljacka River in Sarajevo city

Belarus and Singapore Share the Same Factors for Economic Success

Belarus Is Where the New Silk Road Heads For Europe

World Bank’s Doing Business Report 2016 Resume For Emerging Europe

Automotive and Transport Companies Dominate the CEE Region

Car bodies on the production line inside automobile factory

Sarajevo Stock Exchange Connected to SEE Link

sarajevo stock exchange

Changes Are Making Ukrainian Banking More Aligned with International Standards

EconMin: Bulgaria — Number One Outsourcing Destination And an Island of Stability in Europe

Belarus US Business Relations Thrive as Conditions Improve

‘No’ To a Monetary Union With Russia

Nadiya Savchenko: I Dream of a Great Ukraine

Panorama of the top part of the Andrew's Descent from Castle Hill in springtime in Kiev Ukraine.

Belarus: Navigating the geopolitical storm

Encouraging SME’s Development Will Help Build Belarusian Economy

Bulgaria’s cooperation with Israel could boost the economy

Slovenia is CEE’s leader in innovation

Western Ukraine Could Be an Entry Point into the Country

Smart, reliable and promising

Will European Business and Institutions Bolster the New Trends That Have Appeared in Belarus?

Do Your Homework First and Starting Business in Poland is Easier

Estcoin: Estonia’s Own Digital Currency?

1 euro coin money (EUR) currency of European Union Estonia over blue background

Polish Labour Market Deficits Are Impacting All

Construction site with crane and building. Construction site in western europe - in Poland.

More Brexit Fears As the UK Proves To Be A Needed Member

City of London view from Waterloo Bridge. This view includes: St. Paul`s Cathedral The Gherkin Tower 42 and Blackfriars Bridge.

Bringing Belarus’ Cultural Past to Life for Belarusians and the World

Emerging Europe and the EBRD host the Outlook on Belarus conference in London

Office Space Vacancy is Currently Low but Building Standards Cause Concern

Minsk Belarus - March 23 2017 modern architecture business center Pokrovsky on Pobediteley Avenue editorial

Belarus: The Importance Of Diversification

HTP: Belarus’ Engineers Are Leading a Cool Revolution

Lukashenka seeks to avoid commitment to Russia’s geostrategic goals

World Bank: Brexit Hides Greater Challenges to the European Union and the CEE Region

The EU Is Encouraging Belarus to Join the World Trade Organisation

Putin Urges Belarus to End Oil Transit Through Lithuania

Athens Greece - May 27 2016: Russian President Vladimir Putin delivers

Italy and Belarus: A Relationship Based on Complementarities and History

Belarus Serves up Some Recipes for Success

Business in Belarus Recipe Book

Belarus Is Ready to Begin With Venture Capital Investments

Latvia Urged Not to Increase Expenditure As Economy Grows

Riga, Latvia - August, 2010: Panorama view from Riga cathedral on old town of Riga, Latvia

Prospering Czechia Still Needs a Bigger Workforce

prague emerging europe

Mayor: Armenia And Its Capital Yerevan Offer Safe Investment And Tourism To a Growing World

Long-time Neighbours Need to Share Awareness, Plus Trade & Investment

The Belarusian Financial Sector: An Industry in the Process of Restructuring

Minsk International Airport Widens its International Reach


A New Modern Mall Hopes to Draw Belarusians Back to the Home Market

RRY Capital

21st century Manufacturing Arrives at Great Stone

Great stone

Leave a Reply

Your email address will not be published. Required fields are marked *