While many of the countries in emerging Europe have in recent years become easier places to do business, they still lag behind in comparison with the northern and western parts of the continent.
According to the latest edition of the Best European Countries for Business (BECB), published by the European Chamber (EuCham), an NGO representing national and international companies, Denmark, Sweden, Norway, Finland and Switzerland are the top five countries in Europe to do business.
Estonia was ranked the first in the emerging Europe region, scoring higher than Ireland, Belgium, Luxembourg and France with 77.3 points (on a scale of 1 to 100). The Baltic country is the 11th best in the continent, scoring slightly higher than in 2019.
Having climbed up two spots and now scoring 70.80, Lithuania, ranked 16th, came in second in the region, performing higher than Spain. Georgia, which is – according to the World Bank – the region’s easiest country in which to do business, was ranked third in emerging Europe and 18th in the continental index with 69.85 points.
Ranked fourth in the region, Slovenia climbed up two spots and now ranks 20th with 68.25 points, followed by Latvia, which fell two spots and now scores 68.15. The region’s top 10 also includes Poland (22th in Europe with a score of 67.2), the Czech Republic (23rd; 66.15), that scores higher than Cyprus and Italy, Slovakia (26th; 62.8), Croatia (27th; 60.3) and Belarus, with the latter dropping two spots and now ranking 29th with a score of 59.65.
They are followed by Montenegro (30th; 59.4), Hungary (31st; 58.7), Romania (32nd; 58.65), Armenia (the continent’s biggest improve, up to 33rd with a score of 58.25), North Macedonia (36th; 57.85), Bulgaria, the lowest performer in the EU (37th; 57.5), Serbia (38th; 57.35), Kosovo (40th; 54.6), Azerbaijan (41st; 53.35) and Moldova (42nd; 53.2).
With scores lower than Russia, at the bottom of the European ranking are Albania (44th; 51.35), Bosnia and Herzegovina (45th; 50.7) and Ukraine (46th; 50.10).
The organisation’s ranking is based on the average of two international indicators: the Ease of Doing Business Score of the World Bank, in which Georgia, Lithuania, North Macedonia, Estonia and Latvia are the top performers of the region, and the Corruption Perceptions Index of Transparency International. In emerging Europe, the latter ranking is topped by Estonia, Lithuania, Slovenia, Poland and Georgia.