World Economic Forum Ranks Irelandís Global Competiveness

07 September 2011 - Which Way to Pay

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World Economic Forum Ranks Irelandís Global Competiveness

Ireland was placed in 29th position in the World Economic Forumís (WEF) Global Competitiveness Report out of 142 countries for the second consecutive year. However, this initially promising statistic is undercut by the fact the report placed Ireland last in the world on ability to balance the national budget.

Ireland ranked last because of the WEFís reading of the 2010ís gross domestic product. In 2010, the budget deficit was at more than 32% of GDP. This figure was further inflated by the cost of recapitalising the Anglo Irish Bank.

The slip also highlights the WEFís concern at the astounding change in Irelandís rating on the banking index which has dropped from 7th place three years ago to 115th this year.

However, the WEF did point out that despite the poor ranking, Ireland continues to benefit from a number of strengths namely; excellent primary and higher education, well-functioning goods, strong healthcare infrastructure and productive labour markets. In comments regarding these attributes the WEF said Ireland has as such fostered a ďsophisticated and innovative business cultureĒ.

WEF comments regarding Irelandís ranking were the following:

ďAfter declining in rank over the past two editions of the Report, Ireland remains stable at 29th position this year. The country continues to benefit from a number of strengths, including its excellent health and primary education (10th) and strong higher education and training (22nd), along with its well-functioning goods and labor markets, ranked 13th and 17th, respectively. These attributes have fostered a sophisticated and innovative business culture (ranked 22nd for business sophistication and 23rd for innovation). Yet the countryís macroeconomic environment continues to raise significant concern (118th), with its budget deficit of more than 32 percent in 2010, following the governmentís bailout of the banking sector, placing Ireland last out of all 142 countries in the sample. Of related and continuing concern is also Irelandís financial market (with a precipitous drop from 7th place three years ago to 115th this year in this pillar).Ē The Global Competitiveness Report 2011-2012 © 2011 World Economic Forum.

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