New Zealand has been named the world's second best country to do business in, behind only resurgent Ireland in the annual list compiled by Forbes' magazine.
See how New Zealand compares to the rest of the world in this infographic:

Image: Esri and Forbes

The survey found New Zealand had the best scores among all countries for personal freedom and investor protection, as well as lack of red tape and corruption.

Earlier this week, corruption watchdog Transparency International praised New Zealand as one of the least corrupt countries in the world.

Despite being the smallest economy to make the top 10, with an annual Gross Domestic Product of US$170 billion, New Zealand was one of the fastest growing last year with GDP jumping by 2.5 per cent.

HSBC's Sydney-based chief economist for Australia and New Zealand, Paul Bloxham, predicts GDP growth could be 3 per cent or more next year. Even the IMF's estimate of 2.9 per cent growth, puts NZ ahead of Australia.


Yet there are even more positive signs that New Zealand is entering into a 'boom' period.

Prices for our dairy products remain solid as demand from Chinese consumers continues to push the market higher. The high dairy prices, helped pushed New Zealand's terms of trade to a 40-year-high this week.

And over the past year the unemployment rate has fallen from 7.2 per cent to 6.2 per cent.

The Forbes survey graded 145 nations based on 11 equally weighted factors - property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance.

Top 10 countries for business

1. Ireland
2. New Zealand
3. Hong Kong
4. Denmark
5. Sweden
6. Finland
7. Singapore
8. Canada
9. Norway
10. Netherlands


11. Australia
12. United Kingdom
14. United States
94. China

Bottom 10 countries for business

136. Libya
137. Gambia
138. Ethiopia
139. Haiti
140. Venezuela
141. Angola
142. Zimbabwe
143. Myanmar
144. Chad
145. Guinea