Ireland moves up to 15th in competitiveness rankings
US retains top position out of 60 economies, followed by Switzerland, Singapore and Hong Kong
Ireland competitiveness ranking has been rising every year since being ranked 24th most competitive country in the world in 2011.
Ireland has improved its competitiveness for a fourth straight year, according to a prestigious international ranking, reaching 15th place in the world in 2014.
Ireland was in 17th place last year, and has been rising every year since being ranked 24th most competitive country in the world in 2011.
The World Competitiveness Yearbook is compiled annually by Swiss-based business school IMD and measures how countries manage economic and human resources to increase prosperity based on statistical criteria and a survey of 4,300 international executives.
‘Local context’ “The overall competitiveness story for 2014 is one of continued success in the US, partial recovery in Europe, and struggles for some large emerging markets,” said Prof Arturo Bris, director of the IMD World Competitiveness Centre. “There is no single recipe for a country to climb the competitiveness rankings, and much depends on the local context.”
It said Japan had moved up three places to 21st position, “helped by a weaker currency that has improved its competitiveness abroad”.
Emerging markets “Most big emerging markets slide in the rankings as economic growth and foreign investment slow and infrastructure remains inadequate,” IMD said.
Among Ireland’s challenges in 2014 identified by the Swiss business school were reducing unemployment and “maintaining focus” on cost competitiveness and public sector reform. It said Ireland was in 10th position in terms of competitiveness when ranked against countries with populations of fewer than 20 million people, versus 11th place last year.