The ranking considered 11 factors for more than 130 countries. The ranking factors included technology, personal and financial freedom, stock performance, property rights, and taxes.

Forbes describes Canada as "an affluent, high-tech industrial society in the trilliondollar class," and said Canada and the U.S. had many similarities, including its "market-oriented economic system, pattern of production and affluent living standards." (Montreal Gazette)

The report also stressed that "while the U.S. is paralyzed by fears of a double-dip recession and Europe struggles with sovereign-debt issues," Canada has stayed cool in terms of its economy, with a jump of 3.1 per cent in 2010 and more growth - at 2.4 per cent as forecast by the Royal Bank of Canada - expected in 2011. (Montreal Gazette)

Canada was among the top countries for its ability to protect investors and deal with red tape, making Canada a relatively easy place to start a new business.

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