While some emerging markets offer growth opportunities for businessmen, running a business successfully in these countries is very far from easy. It is very difficult to do business in a country with high levels of red tape, corruption and exorbitant taxes.
Here are the 10 worst countries for business as of 2014.
North African nation Algeria is an authoritarian regime. Its GDP is $219 billion. The nation is ranked 135th in tax burden, 126th in innovation, 126th in monetary freedom and 115th in red tape.
West African country Zambia has a GDP of $1 billion. It is ranked 129th in red tape, 111th in monetary freedom, 88th in innovation and 139th in tax burden.
Yemen is experiencing high levels of corruption. It is ranked 105th in tax burden, 142nd in innovation, 141st in monetary freedom and 114th in red tape. The nation has a GDP of $44 billion.
This South American country has a GDP of $368 billion. It is ranked 136th in innovation, 145th in tax burden, 142nd in red tape and 145th in monetary freedom.
Angola has a GDP of $124 billion. It is ranked 112th in tax burden, 141st in innovation, 139th in monetary freedom and 138th in red tape.
Haiti is ranked 110th in tax burden, 139th in innovation, 96th in monetary freedom and 145th in red tape. Country’s GDP is $8 billion. This Caribbean country has suffered from political violence for years. It has consistently ranked among the most corrupt countries in the world on the Corruption Perceptions Index.
Even though Southeast Asian country Myanmar is rich in natural resources like jade, gems, oil and natural gas, it is poor because of stagnation, mismanagement and isolation. It ranks 92nd in tax burden, 137th in innovation, 136th in monetary freedom and 146th in red tape. It is a nightmare to do business in Myanmar.
Located in North Africa, Libya is ranked 123rd in tax burden, 143rd in innovation, 128th in monetary freedom and 117th in red tape. The nation is suffering from civil war. It faces many structural problems like weak governance, lack of institutions and chronic structural unemployment.
Chad has a GDP of $7 billion. It is ranked 142nd in tax burden, 140th in innovation, 138th in monetary freedom and 139th in red tape. In this landlocked nation in Central Africa, many people live in poverty as subsistence herders and farmers. It is a corrupt country where power lies in the hands of President Deby and his political party.
Guinea is ranked last. It is the worst nation to do business in. It ranks 138th in monetary freedom, 142nd in tax burden, 140th in innovation and 139th in red tape. This republic is located in West Africa. It is a predominantly Islamic country, with Muslims representing 85 percent of the population.
These countries are high in potential, but are plagued by corruption.