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Sultanate fares well in 'doing business ranking'.

Muscat: Oman fared well in Bloomberg's best countries for doing business rankings for 2014 -- from fifty-fifth position in last year's ranking to forty-third place this year. The Sultanate's score was 61.6 points out of 100, which was based on the degree of economic integration, the cost of setting up a business, the cost of labour and materials, the cost of moving goods, the readiness of the local consumer base and less-tangible costs, according to the survey report released by Bloomberg. Hong Kong again topped the list, thanks in part to the low-cost of starting a business there. Canada jumped from sixth place to second largely because of the receptivity of its consumers, measured by the size of its middle class, household consumption and gross domestic product per capita. The United States fell from second to third place, as the cost of setting up a business there increased considerably relative to other countries. Oman fared well in its overall score in the ranking through improvements in 'the cost of moving goods' category, which includes import and export efficiencies, transportation efficiency, logistics performance, liner shipping connectivity, and quality of port infrastructure. Oman also improved its score in the 'less-tangible costs' category, which includes the corruption perception index, international property rights index, inflation, various taxation concerns, and accounting adaptability. The BRIC (Brazil, Russia, India and China) countries mostly improved their standing this year. Brazil jumped from sixty one place to thirty-eighth; Russia went from fifty sixth to forty-fourth place; and India climbed from the fifty fourth position last year to the forty eighth place this year. However, China continued to slide, dropping from the 19th position in the ranking's first year to a rank of 28 this year, its score on less-tangible costs the forty-sixth lowest among the fifty countries.

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Publication:Times of Oman (Muscat, Oman)
Geographic Code:7OMAN
Date:Jan 29, 2014
Words:313
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