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Friday, 5 September 2014

Australia's Global Competitiveness

The World Economic Forum has recently released its Global Competitiveness Report, with Switzerland coming in at number one for the sixth year in a row.

A short article on why Switzerland performed so well attributes its success to being a global innovation powerhouse with a mutually supporting framework of "stable, transparent and effective institutions; sound and healthy public finances; an attractive tax regime; excellent infrastructure and connectivity; a world-class education system; relatively peaceful relations among social actors within a flexible labour market; the highest level of business sophistication; and, most importantly, an exceptional capacity for innovation". http://bit.ly/1nyaxvP

Switzerland's Global Competitiveness Report profile can be found at: http://bit.ly/1rOZR3a

Australia comes in at 22 out of 144. Some areas of weakness include government regulation (124), hiring and firing practices (136), wage flexibility (132), government procurement of technology (73), and exports as a % of GDP (129). Areas of strength include trustworthiness and confidence (4), quantity of education (1), soundness of banks (3), efficiency of corporate boards (8), and active mobile broadband subscribers (4). Australia's capacity for innovation ranked 27 out of 144.

Australia's Global Competitiveness Report profile can be found at:  http://bit.ly/1qABUZL