30 September 2015

The World Economic Forum today published the results of the 2015-2016 Global Competitiveness Index. The findings confirm that subdued economic growth is the new normal  – with lower productivity growth and high unemployment in most economies. The consequences of the 2008 financial crisis are still with us – as has been evident from the performance of all stock markets over the last two months. Economic difficulties have been aggravated by conflicts in Ukraine and the Middle East, terrorism and the migrant crisis.

There has been little change in the top ten most competitive economies.  As in last year’s survey Switzerland ranks best.  Finland, slipping from fourth to eighth, was the notable change in the top ten.

New Zealand’s competitiveness ranking moved up again this survey to 16th place ( it was 17th last year and 18th in 2013.)

Competitiveness is measured on ten pillars.  New Zealand’s place on those pillars is:

Financial Market Development                  1st

Institutions                                                      3rd

Health and Primary Education                    5th

Labour Market Efficiency                              6th

Goods Market Efficiency                              8th

Higher Education and Training                   10th

Technology Readiness                                 15th

Macro-economic Environment                   22nd

Infrastructure                                                  28th

Market Size                                                     66th

The ten most competitive economies are:

  • Switzerland
  • Singapore
  • United States
  • Germany
  • Netherlands
  • Japan
  • Hong Kong
  • Finland
  • Sweden
  • United Kingdom

New Zealand is 16th;  Australia is 21st.