Irish Global Competitiveness

The World Economic Forum released its annual Global Competitiveness Report (here) yesterday led by the following top 3 –

United States 1 5.67
Switzerland 2 5.62
Denmark 3 5.55

Ireland has an healthy score of 5.03 and stands at No. 22 in the world. Ireland ranks 4th (5.41 out of 7) and 5th (5.91 out of 7) in Goods market efficiency and Financial market sophistication respectively in the world. And ranks lowest at 49th position for (no price for guessing this one) Infrastructure (4.03 out of 7). Highest points for Health and primary education at 6.28 out of 7.

The most problematic factors for doing business were as follows (here):

  • Inadequate supply for infrastructure
  • Inflation
  • Inefficient government bureaucracy
  • Restrictive labour regulations

Some of the notable advantages mentioned it the report were:

  • Strength of auditing and reporting standards
  • Telephone lines (hard data) [under infrastructure]
  • Quality of the educational system
  • Business impact of rules on FDI
  • Brain drain
  • Nature of competitive advantage
  • Availability of scientists and engineers; Quality of scientific research institutions; University-industry research collaboration

Some of the notable disadvantages mentioned it the report were:

  • Wastefulness of government spending
  • Quality of port infrastructure
  • National savings rate
  • Flexibility of wage determination
  • Hiring and firing practices
  • Broadband Internet subscribers (hard data)

Also yesterday report by ESRI said, the Irish economy has good chances of rebounding after the global market slowdown ends (offcourse with right policies by the new PM).

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