The Swiss-based Institute for Management Development’s (IMD’s) World Competitiveness Yearbook has ranked the prosperity and competitiveness of countries each year since 1989 with the four main criteria being economic performance, government efficiency, business efficiency and infrastructure. This year, overall, Australia has placed 19th in a global ranking of the competitiveness of 64 nations.
IMD said the most successful economies “tend to be smaller, have a good institutional framework including strong education systems, and – in the fragmented world in which we are living – good access to markets and trading partners”.
In terms of workforce, education and training factors Australia’s mixed results included:
Australia’s overall employment ranking jumped to 7th amid the tight jobs market and ongoing skills shortages.
From a list of 15 indicators, respondents of the 2023 Executive Opinion Survey were asked to select five that they perceived as the key attractiveness factors of their economy. The chart below shows the percentage of responses per indicator from the highest number of responses to the lowest. High educational level and skilled workforce feature in the top five.
The Committee for Economic Development of Australia (CEDA) is IMD’s Australian partner.
Explore the Yearbook results further here.
