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2014.01.30 14:44

Lithuania ranked 9th best country for business in Eastern European and Central Asian region

DELFI|The Lithuania Tribune2014.01.30 14:44

This year, Lithuania was ranked 9th in the Eastern European and Central Asian region by Bloomberg‘s Best for Business rating, ‘Invest Lithuania’ has informed.

 This year, Lithuania was ranked 9th in the Eastern European and Central Asian region by Bloomberg‘s Best for Business rating, ‘Invest Lithuania’ has informed.

Poland led the region’s ranking, while Lithuania overtook Latvia and Estonia, who were ranked 12th and 13th, respectively. Bloomberg evaluates the business, commerce and trade climate of countries based on six weighted factors, including the degree of economic integration, the cost of setting-up a business, labour and materials, as well as transporting goods, and other criteria.

Lithuania scored best in terms of the ease of transporting goods. It scored worst in terms of the cost of labour and materials, based on the size of the labour market, the cost of recruiting and firing employees, and labour force productivity.

Bloomberg’s rating underscores the need for changes in Lithuania’s labour market and employment regulation. Lithuania should reduce the start-up costs for business if it is to remain competitive in the region and overtake even more of its neighbours.