Ireland has been ranked as the 22nd most competitive economy in the world, according to the latest Global Competitive Index compiled by the World Economic Forum. The index covers 131 countries and incorporates over 110 economic indicators.
Ireland's overall ranking is unchanged from last year. The country's infrastructure was ranked poorly and the World Economic Forum said it was the most problematic factor for those wanting to do business in Ireland.
The report ranked Irish ports as low as 64th best in the world, roads as 60th, and railway infrastructure a lowly 55th.
The World Economic Forum also found that high inflation, inefficient Government bureaucracy and restrictive labour regulations also presented significant problems for doing business in Ireland.
Ireland fared well in relation to market efficiency, with the country ranked first in the world for the prevalence of foreign-owned companies, the impact of foreign direct investment rules, and technology transfer through multinational companies.
Ireland was also ranked fifth in the world for the quality of its primary education system, seventh for the quality of its higher level education system, eighth for the strength of its accountancy standards, and seventh best in the world for the number of procedures required to start a business.
But the country was rated very low at 122 out of 131 countries for the flexibility of its wage determination system. It was also rated very low at 101 for the efficiency of its hiring and firing practices.
Ireland was also ranked 55th in the world for the level of public trust in politicians, 55th for the wastefulness of government spending and 43rd for the business costs associated with crime and violence.
According to the Global Competitiveness Index, the US is the most competitive country in the world, followed by Switzerland, Denmark, Sweden, Germany and Finland. the UK is ranked significantly ahead of Ireland at ninth.
