Saturday

19th Oct 2019

Germany best country in Europe to do business

Germany has been ranked the best country in Europe to do business in a new report by accountancy firm Ernst & Young.

German daily Die Welt reports that Germany came out top in Europe and number three globally, after the US and China, according to a poll of over 1,000 managers from international companies.

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Germany's position this year means it has overtaken Poland and India which last year stood at number three and four on the global list.

However, the Frankfurter Allgemeine Zeitung points out that Germany's market share of foreign direct investment projects in Europe still lags far behind the market leaders, the UK and France.

The study gives two main reasons for the country's improvement in the rankings - an improvement in the basic working conditions and a strong improvement in the mood of the German economy.

"Of course, [Germany] has its weak points, but it strengths win out", said Peter English, author of the report.

"Businesses like the new dynamic and renewed optimism in Germany", he added.

The study points to developed infrastructure, the well-educated workforce, the high quality of research and development and political stability as reasons for the country's attractiveness for businesses.

According to the report, the new confidence is also linked to the new centre-right - social democrat grand coalition government in Germany which came to power late last year.

But the study also notes that the managers criticised the high labour and tax costs, the inflexible workforce and the bureaucracy.

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