New Zealand is the 13th most competitive country in the world, according to the 2016 Global Competitiveness Index. That’s three spots better than 2015, when the Land of the Long White Cloud was ranked 16th.
The Global Competitiveness Index ranks countries’ economic competitiveness, based on economic data and surveys of large businesses, in 148 different countries around the world.
New Zealand landed in the top six for such advantages as a lack of corruption, ease of starting a business, legal rights, transparent policy making, soundness of banks and ease of access to loans. On the other hand, our weakest scores – where we were between 47th and 116th – were for things including quality of road and rail infrastructure, levels of saving, and levels of exports.
BusinessNZ chief executive Kirk Hope says New Zealand’s overall high rankings reflect the soundness of our economic, legal, justice and policy institutions, and the strength of our economic fundamentals. Areas where Aotearoa could improve rankings are connected to our business environment and business practice, including research and development spending, buyer sophistication, manufacturing sophistication, technology uptake and intensity of local competition. “These are areas where work is needed for New Zealand to become a more competitive, innovative, sophisticated exporter of goods and services,” he says.
We topped Australia yet again.
The top 10 countries in the Global Competitiveness Index this year are (in order): Switzerland, Singapore, US, Netherlands, Germany, Sweden, UK, Japan, Hong Kong and Finland. The bottom 10 countries are the Democratic Republic of the Congo, Venezuela, Liberia, Sierra Leone, Mozambique, Malawi, Burundi, Chad, Mauritania and Yemen.
“Declining openness in the global economy is harming competitiveness and making it harder for leaders to drive sustainable, inclusive growth,” says World Economic Forum founder and executive chairman Klaus Schwab.
Across the Ditch, Australia ranks 22nd.
In other words, it would seem the All Blacks trouncing the Wallabies aren’t the only thing we have going for us.