Ireland has risen to second place in the latest IMD World Competitiveness Ranking, an impressive leap from 11th spot last year. The rankings are based on an economy’s ability to create and maintain a competitive business environment.
The annual ranking measures 64 economies generated across four areas: Economic Performance (Ireland ranked 1st), Government Efficiency (3rd), Business Efficiency (3rd) and Infrastructure (19th).
Ireland’s sharp rise in the overall rankings was driven by catapulting from 7th to 1st place in economic performance.
Small, agile economies with good access to trade partners topped the 2023 list. Denmark held onto first while Switzerland claimed third.
The data highlights Ireland’s adaptability and resilience amid unpredictable global conditions. While larger economies struggle, our small size and efficient institutions give Ireland an advantage.
Minister for Enterprise, Trade and Employment, Simon Coveney TD, has welcomed the news:
“It is very pleasing to see our economy perform so strongly despite ongoing geopolitical tension, inflation and other challenging issues. The rankings recognise that dealing with today’s unpredictable business environment requires agility and adaptability in order to build a resilient economies and that has certainly been the case with our economy.”
The ranking serves as a key indicator for multinational firms choosing destinations for new projects and facilities. Ireland’s ability to lure top employers depends on sustaining competitiveness.
Recruit.ie welcomes the news as a vibrant, business-friendly economy stimulates job creation across sectors.