Australia Is Up In Global Competitiveness Ranking
Australia – It’s not just a great place to come for A Holiday… It’s also a FANTASTIC place to do business…

Here's Why:

Australia has climbed one place this year to rank 17th out of 61 economies in the latest global competitiveness rankings, according to the Institute for Management Development’s World Competitiveness Yearbook (IMD WCY). This was the first increase in Australia’s ranking following a sequence of five years of decline. The outcome reflected improvements in factors such as labour regulations, government decision-making, fuel prices and workforce productivity. Our most attractive feature perceived by global business leaders continues to be an effective legal environment and high quality of corporate governance, both rated the second best in the world.

Other key attractive indicators for Australia according to this year’s survey include open and positive attitudes, high education levels, access to financing, political stability and predictability, and a business-friendly environment.

Overall, Australia ranked number five in the Asia-Pacific region, after Hong Kong, Singapore, Taiwan and New Zealand in the competitive rankings. More importantly, our place has continued to improve in the sub-group of economies with a population of more than 20 million, at the fifth position out of 28 economies this year, up from sixth last year and seventh in 2014 (see table below). Australia’s world competitiveness strength in this group is also rated well above most Asian major economies, such as Japan (26
th) and South Korea (29th globally), and all the member economies of the BRICS grouping, including China (25th), India (41st) and Brazil (57th).

Chief executive Stephen Martin from the Committee for Economic Development of Australia (CEDA), the Australian partner for the IMD WCY, said "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.


Now in its 25
th year of consecutive growth, Australia has achieved a real GDP average growth rate of 3.3 per cent per annum since 1992. Its forecast economic growth rate between 2016 and 2021 is the highest among major advanced economies, according to the April 2016 IMF World Economic Outlook.

Professor Martin confirmed that Australia’s rank on economic resilience surged from 27 to 12, indicating that the business community was now more confident in the economy’s ability to adapt to the changing economic environment after the end of the mining boom. 


The WCY rankings are compiled in Switzerland-based IMD’s 2016 Yearbook, which compares and ranks 61 countries based on more than 340 business competitiveness criteria. Two-thirds are based on statistical indicators, while a third is based on a survey of almost 5,500 international executives conducted in February/March this year.

DID YOU KNOW?
There is a video on the Global Competitiveness rankings for 2015-2016: https://www.youtube.com/watch?v=6htIYxlSLjU

Source: www.austrade.gov.au