The Jamaican economy was ranked 5th in the world for starting a business in 2018, with a Distance to Frontier (DTF) rating of 97.3, according to the Global Banking and Finance Review.
Prime Minister Andrew Holness, in a post on Twitter, said the ranking is “in terms of ease of starting a business and interest rates at record lows.”
“We are living in a time of unprecedented opportunity,” he continued.
The report found New Zealand to be the number one economy in which to start a business, with a DTF rating of 99.96.
“Though New Zealand’s rating has decreased by 0.18 per cent on 2017 figures, it still presents the strongest case in starting a business in 2018. In fact, it would take just one procedure, half a day and less than one per cent of income per capita to start a business in Auckland,” the report said.
Other economies which ranked in the top five for starting a business include Canada (DTF: 98.23), Hong Kong (DTF: 98.14) and Georgia, with a distance to frontier score of 97.84 supported by an increase of 2.12 per cent on 2017 figures.
DTF measures the distance of an economy to the “frontier,” which represents the very best performance across all economies and years included since 2005. An economy’s distance to frontier is indicated on a scale from 0 to 100, where 0 represents the lowest performance and 100 the frontier.