International affairs

World Competitiveness Yearbook 2016

Business confidence is rising in Australia despite core economic indicators not improving, an international survey has found.

In releasing the Australian results of the IMD World Competitiveness Yearbook which ranks and assesses 61 countries, CEDA Chief Executive Professor the Hon. Stephen Martin said overall Australia regained one place this year rising from 18 to 17, moving up the rankings for the first time after five years of decline.

Professor Martin said notably Australia jumped from 27 to 12 on economic resilience which indicated that the business community was more confident in Australia’s ability to adapt to the changing economic environment following the end of the mining construction boom.

“The mining boom is over but the slack is being picked up by other sectors so while our economy is not going as fast as in the previous decade we are still growing,” he said.

The rankings are part of the Switzerland based IMD’s 2016 World Competitiveness Yearbook, which compares and ranks 61 countries based on more than 340 business competitiveness criteria. Two-thirds are based on statistical indicators and one third is based on a survey of almost 5500 international executives conducted in February/March this year. CEDA is the Australian partner for the yearbook.

Overall China Hong Kong ranked first and Switzerland second, displacing the US which ranked third this year, after holding the number one ranking for the previous three years.

Read about Australia's competitiveness trends overall, challenges in 2016 and see how Australia ranks on economic performance, government efficiency, business efficiency and infrastructure in the summary for Australia.

See the 2016 international rankings

Read CEDA media release - World competitiveness ranking: Australia gains a place despite core economic indicators remaining weak

Read IMD media release - The USA toppled as world’s most competitive economy

See all past rankings