Ireland has risen four places to 20th in the annual world competitiveness rankings produced by Swiss business school IMD.
More than 4,000 executives are surveyed as part of these rankings which list 329 separate categories on which each country is ranked.
Ireland was ranked first in the world in the category of availability of skilled labour - a fact welcomed by IDA Ireland.
The country was also ranked first for flexibility and adaptability of workforce.
Ireland was also top for "investment incentives" something which one imagines will be scrutinised very closely by some of our EU peers.
What will probably concern the IDA somewhat is that Singapore and Israel, two of the main countries we would compete against for attracting inward investment, are ranked 4th and 19th respectively. The UK comes in at 18th.
Hong Kong, the US and Switzerland have the most competitive economies in the world, according to IMD. The US, which was tied with Hong Kong in last year's World Competitiveness Yearbook, slipped to second place while Switzerland moved up to third from fifth.
"Despite all its setbacks, the US remains at the centre of world competitiveness because of its unique economic power, the dynamism of its enterprises and its capacity for innovation," said IMD.
The report found emerging economies are not yet immune to turmoil elsewhere, with China (23), India (35) and Brazil (46) all slipping in the rankings, while Russia (48) climbed only one place.
All Asian economies declined apart from Hong Kong, Malaysia (14) and South Korea (22).
Singapore slid to fourth place from third, Taiwan to 7th from 6th, Australia to 15th from 9th, and Japan to 27th from 26th. Latin America also had a tough year, with every nation falling except Mexico (37).
Today's survey shows that Ireland ranks first in the world for availability of skilled labour, first for flexibility and adaptability of workforce, first for investment incentives and first for attitudes towards globalisation.
In other areas the country ranks second for business legislation - openness to foreign investors and fourth for the corporate tax rate on profit and real corporate taxes.
Another survey, the 2012 Talent Shortage Survey, ranked Ireland as the global leader for the availability of skills and the least difficult location, globally in which to fill talent.
Barry O'Leary, CEO of IDA Ireland welcomed the findings saying that "the fact that Ireland continues to lead the way in availability of skilled labour adds significantly to our reputation as a host for FDI and the outlook for maintaining this position in the future remains positive."
