Australia slips down competitiveness rankings

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By Leith van Onselen

The IMD World Competitiveness Rankings for 2013 were released overnight, which are based on 300 criteria measuring economic performance, government and business efficiency and the state of local infrastructure across 60 developed nations, and are reportedly “the most thorough and comprehensive annual report on the competitiveness of nations”.

According to this year’s rankings, which are provided below, Australia slipped down one place to 16th overall. Australia was ranked first place by the IMD index in 2004, but has since fallen sharply. Declining labour market flexibility was a key factor causing Australia to fall down a notch in 2013.

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A video summarising the IMD’s rankings is provided below.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.