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
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
Market Size 66th
The ten most competitive economies are:
- United States
- Hong Kong
- United Kingdom
New Zealand is 16th; Australia is 21st.