Romania ranks below countries such as Denmark, Hungary and Luxembourg but above those such as Switzerland, Sweden and the UK. The top is led by the United States. This means that it is an excellent country if you’re looking to expand your business overseas.

The HR and payroll company Remote created the global business expansion index. It deals with the growth rate and various other factors, such as productivity and the costs of setting up a business.

According to the research, factors include the annual GDP growth rate, number of startups, corporate tax rate, labor productivity and the time and costs required to start a business, to name a few.

Romania has some of the most profitable companies in South Europe, including Hidroelectrica, OMV Petrom, and Dedeman. For checking the best Romanian companies out there, please check out the link.

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”This year, our country is no longer in the last place among the member states of the European Union […]. Romania scores 76.89 points out of 100, a slightly lower score compared to the previous year, but which places it among the countries in the second category”

Social Progress Imperative

Based on the measurement of three key categories, the IPS assesses the social and personal well-being of inhabitants in 169 different nations. The three divisions evaluated are basic needs, well-being, and opportunity, referring to factors such as personal rights, personal freedom and choice, inclusion and so on. The methodology involved assigning a grade like a score, to the components included under each category.

Despite the challenges faced worldwide regarding climate change, inflation, political conflicts, and the post-pandemic evolution, the standard of living and well-being has improved on a global level.

”[…]the study draws attention to the fact that it is possible that next year we will see a regression of the social progress index for the first time. Romania’s advance is rather slow, but I think it could accelerate if we manage to capitalize on our country’s strengths, such as its geographical position and natural resources, competitive workforce, technical skills and data infrastructure, fiscal policies that support growth and significant European funds, by increasing investments in education, health, infrastructure and research and development”

Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova

Romania moves up one position in all three categories under analysis for aspects related to basic requirements (40th place), while moving down one position for those linked to opportunities (46th place) and well-being (51st place)

European overview of the global ranking

• Norway leads the way with a score of 90.74 and is followed by Denmark and Finland at the top.
• The last positions in the world ranking are taken by Chad, the Central African Republic and South Sudan.
• In Central and East Europe, the leading position is taken by Estonia on 18th place, followed by the Czech Republic (23), Slovenia (27), Lithuania (29), Latvia (32), Croatia (34), Slovakia (35), Poland (39), Hungary (42), Romania (43) and Bulgaria (44).
• The top two global rankings categories include every EU member state.
• In terms of quality of life and social well-being, 159 of the examined nations (94%) had improvements between 2011 and 2022, with 79 of those nations (47%) seeing increases of at least five points.
• The following 10 areas have seen improvements over the past 11 years: housing, access to advanced education, water and sanitation, housing, health and well-being, nutrition and basic healthcare, access to basic education, quality environment, personal safety, and freedom and choice.
• Personal rights, on the other hand, are among the metrics that have decreased during the studied time period, while inclusion has remained constant.

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