Libya Scores Poorly on "Best Countries for Business" Index

By John Lee.

Libya has been ranked in 152nd place in the Forbes Best Countries for Business index, out of the 161 countries measured.

The index gauges the Best Countries for Business by rating nations on 15 different factors, including property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape and investor protection. Other metrics included were workforce, infrastructure, market size, quality of life and risk.

The top three positions were taken by the United Kingdom, Sweden and Hong Kong, while the Central African Republic, the Republic of Congo and Guinea-Bissau were at the bottom of the list. Iraq was ranked in 130th place.

According to the report:

"The Libyan dinar has lost much of its value since 2014 and the resulting gap between official and black market exchange rates has spurred the growth of a shadow economy and contributed to inflation.

"The country suffers from widespread power outages, caused by shortages of fuel for power generation. Living conditions, including access to clean drinking water, medical services, and safe housing have all declined since 2011. "

More on Libya's ranking here.

(Source: Forbes)

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