canada best place to do business Photo: `James Wheeler/Flickr

Canada has overtaken the US and is now the number two country in the world for doing business, according to Bloomberg’s third annual ranking. (Tweet this)

Canada ranked sixth in 2013, but managed to jump four spots this year “largely because of the receptivity of its consumers, measured by the size of its middle class, household consumption and GDP per capita,” Bloomberg said.

The US, meanwhile, fell from second to third place, as the cost of setting up a business in the country increased considerably relative to other nations.

The best country in the world to do business in 2014, according to Bloomberg, is Hong Kong, thanks in large part to the low cost of starting a business there.

To rank the 50 best countries, Bloomberg analyzed 157 countries on six broad criteria: the degree of economic integration, the cost of setting up a business, the cost of labor and materials, the cost of moving goods, less tangible costs like inflation and the amount of corruption, and the health of its consumer base.

The top 10 can be seen below. Click here to view the full ranking.

Bloomberg top 10 countries for doing business

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