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14/12/2011
Ireland Drops Consecutive Year In Competitiveness Rankings
Ireland has fallen by four places to in a ranking of 60 countries for economic competitiveness, according to a report published on Wednesday.
The World Economic Forum (WEF) index said that after declining in rank over the past two editions of the Report, Ireland remains stable at 29th position this year.
Ireland's financial development is ranked 8th for banking services and 11th for financial access.
The WEF said Eire continued to benefit from a number of strengths, including "its excellent health and primary education" and strong higher education and training, along with "well-functioning goods and labor markets", which ranked 13th and 17th, respectively.
"These attributes have fostered a sophisticated and innovative business culture."
However, the report said our macroeconomic environment continued to raise "significant concern", with the budget deficit of more than 32% in 2010, following the government’s
bailout of the banking sector, placing Ireland last out of all 142 countries in the sample.
It added that of continuing concern was also Ireland’s financial market, dropping from 7th place three years ago to 115th this year.
Four of the five countries with the largest score loss belong to the group of advanced economies, such as the United States, Greece, Ireland, and Iceland. The fifth is Nigeria.
It is the first time in the report's history that the UK or the US are not in first place. WEF said that Hong Kong is now the world's most developed financial market.
It has overtaken the US and the UK for the first time, with the US slipping to second place, as financial stability there remains a concern.
(DW)
The World Economic Forum (WEF) index said that after declining in rank over the past two editions of the Report, Ireland remains stable at 29th position this year.
Ireland's financial development is ranked 8th for banking services and 11th for financial access.
The WEF said Eire continued to benefit from a number of strengths, including "its excellent health and primary education" and strong higher education and training, along with "well-functioning goods and labor markets", which ranked 13th and 17th, respectively.
"These attributes have fostered a sophisticated and innovative business culture."
However, the report said our macroeconomic environment continued to raise "significant concern", with the budget deficit of more than 32% in 2010, following the government’s
bailout of the banking sector, placing Ireland last out of all 142 countries in the sample.
It added that of continuing concern was also Ireland’s financial market, dropping from 7th place three years ago to 115th this year.
Four of the five countries with the largest score loss belong to the group of advanced economies, such as the United States, Greece, Ireland, and Iceland. The fifth is Nigeria.
It is the first time in the report's history that the UK or the US are not in first place. WEF said that Hong Kong is now the world's most developed financial market.
It has overtaken the US and the UK for the first time, with the US slipping to second place, as financial stability there remains a concern.
(DW)
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