New Zealand has slipped three places in the Global
Competitiveness Index published by the World Economic Forum.
The index ranks countries according to their ability to
compete internationally, using factors such as markets,
institutions, infrastructure and human resources. BusinessNZ
is a partner in the international survey.
New Zealand fell to 23rd in the 2010 survey from 20th in
2009, which is behind Australia on 16th.
Switzerland retains No 1, Sweden is second and Singapore
third. The United States, Germany, Japan, Finland, the
Netherlands, Denmark and Canada make up the top 10.
BusinessNZ chief executive Phil O'Reilly said New Zealand's
placing compared with Australia showed how much of a
challenge it would be to close the trans-Tasman gap.
New Zealand continued to do well in areas such as freedom
from corruption, ease of setting up a business, soundness of
banks, quality of primary and secondary education, and a low
cost burden for things like customs.
But it ranked 86th on a rating for brain drain, 83rd in
hiring and firing practices, 79th for high interest rates and
64th for lack of local competition.
"Low rankings in areas relating to innovation - including
government procurement of advanced technology and
availability of scientists and engineers - are also a
concern," Mr O'Reilly said.
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