Gomery Report, Gomery Report, Gomery Report. It’s all that’s taking up the government’s attention at the moment. Although this is a business blog, it is disheartening when the whole government mechanism has no time for governing but is completely tied up in problems of governance. Judge John Gomery has clearly worked diligently and it’s an important topic that must be handled. However life must go on as well.
This thought struck me as I read a summary of the Capital Access Index 2005 : Best Markets for Entrepreneurial Finance issued by the Milken Institute.
This year, for the first time since the rankings began in 1998, the United Kingdom tops the index. Hong Kong, last year?s number one, dropped to second this year, followed by Singapore and the United States.
This year?s index expands coverage from 88 to 121 countries representing 92 percent of global GDP, ranking them on more than 50 measurements, from the strength of their banking systems and the diversity and efficiency of financial markets to general economic conditions.
Unfortunately Canada has seen no improvement. We’re still in the Top Ten (just) although now we’re sharing that position with Ireland. Here are the rankings for the Top 10 markets (with 2004 ranking):
1. United Kingdom (3)
2. Hong Kong (1)
3. Singapore (2)
4. United States (6)
5. Sweden (4)
6. Denmark (9)
7. Australia (7)
8. Norway (13)
9. Finland (5)
10. (tie) Canada (10)
10. (tie) Ireland (11)
Entrepreneurs are the major growth factor in the economy and it’s sad not to see some improvement in the availability of financing. However this topic will not get on to the radar screen any time soon, given the Gomery turmoil.