- The World Economic Forum ranked each country according to its business environment and innovation.
- The United States took the No. 1 spot.
- The ranking considered the cost and speed of starting a business in each country, as well as attitudes toward risk, and the willingness of companies to embrace disruptive ideas.
If you're looking for the best place to build a business, you may not have to look far.
The United States was ranked No. 1 in "business dynamism" in the World Economic Forum's 2018 global competitiveness report on Tuesday, scoring a global high of 86.5 points out of 100 in the category.
The business dynamism ranking factored in several metrics, such as the cost and speed of starting a business in each country, the attitudes of entrepreneurs toward risk, and the willingness of companies to embrace disruptive ideas.
"An agile and dynamic private sector increases productivity by taking business risks, testing new ideas, and creating innovative products and services," the report said.
"In an environment characterized by frequent disruption and redefinition of businesses and sectors, successful economic systems are resilient to technological shocks and are able to constantly re-invent themselves."
Take a look at the best places in the world for innovative businesses:
25. Czech Republic
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22. South Korea
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17. Hong Kong
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12. New Zealand
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7. United Kingdom
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1. United States of America
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