Czech Republic Ranked Ninth Best Country For Start-Ups in Europe
The study analyzed data from 31 European countries in the European Economic Area (EEA) plus the United Kingdom and Switzerland, and was based on a range of economic data considered to be the factors most strongly affecting the success of start-ups. Photo credit: Freepik / For illustrative purposes.
Czech Rep., Aug 18 (BD) – The Czech Republic has been named as the ninth best country in Europe for start-ups, according to research carried out by NimbleFins, an independent provider of consumer research and personal financial advice. The study analyzed data from 31 European countries: the European Economic Area (EEA) except Liechtenstein, plus the United Kingdom and Switzerland. The rankings were based on economic data covering general economic health, cost of doing business, business environment and the quality of the labour force, considered to be the factors most strongly affecting the success of start-ups.
The highest-ranked countries have a high percentage of educated workforce, viable economy, relatively low running costs for businesses and a healthy business atmosphere. Germany, the strongest European economy, came top of the list for the second year in a row, ranking 3rd in economic health, 14th in cost of doing business, 2nd in business climate and 5th in the quality of the labour force. The United Kingdom ranked second, also for the second year in a row, ranking 9th for quality of labour force, 3rd for business climate, 14th for cost of doing business and 5th for economic health.
The Czech Republic ranked ninth this year, falling slightly from sixth in 2019. According to the research, the country ranked 21st in quality of labour force, 17th for business climate, 6th for the cost of doing business and 7th in economic health in 2020, an average rank of 12.8, tied with Sweden, compared to 6.0 for first-placed Germany.
Parameters included in the labour force category are upper secondary and tertiary education attainment rate. In the Czech Republic, 21% of adults have tertiary education, a 1% increase from 2019. The percentage of adults with at least upper secondary education also rose by 1%, to 91%. Although ranking first in the study, Germany did not see an increase in the education level among adults between 2019 and 2020, with 26% achieving the level of tertiary education and 83% with at least upper secondary education.
In the 2020 ranking, Czech outperformed Poland, Austria, Luxembourg, Belgium, Spain, France, Portugal, Italy and Greece in the overall rankings. The link for the overall ratings can be found here.