Irish economy ranked seventh best out of 33 countries for private businesses

The State has moved up to seventh in a ranking by consultancy giant PwC of places where private business can thrive. The Irish economy improved its ranking from 14th in PwC’s private business attractiveness index for 33 countries in the Europe, Middle East and Africa (Emea) region, with the climb partly due to its public health response to the Covid-19 crisis.

Switzerland, the UK and Sweden were ranked first, second and third respectively as the best places for private businesses and entrepreneurship to prosper, the PwC study found.

The index ranks the relative attractiveness of countries to private business based on categories such as macroeconomics, tax, regulation, education, technology infrastructure and the surrounding start-up ecosystem, among other metrics.

As well as scoring well on health, the State retained its first-placed ranking for macroeconomic factors, driven by productivity growth and strong gross domestic product (GDP) rates. It also has the seventh best ecosystem for start-ups, the third highest number of unicorns – private companies valued at $1 billion or more – per capita and was ranked ninth on environment, social and governance (ESG) metrics.

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But the study also noted some “underlying worrying trends”, with the Irish economy deteriorating from fifth to 15th place for inflationary pressures, and its ranking on income tax and indirect taxes such as VAT slipping to 22nd and 24th respectively. This was in contrast to its fourth place on corporation tax.

It was also low-ranked for cybersecurity, placing 25th, and in expenditure on education, for which it ranked 31st.

“Private businesses are the backbone of our economy, yet PwC’s 2022 Private Business Attractiveness Index highlights that still more support in key areas is needed for these businesses to thrive and be competitive,” said Colm O’Callaghan, a partner in PwC Ireland’s entrepreneurial and private business practice.