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Mr Medved

Global Competitiveness Report 2013-2014

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http://www.weforum.org/reports/global-competitiveness-report-2013-2014

 

 

This edition marks the first time that Australia 
(21st, down one) exits the top 20 and is overtaken by 
New Zealand (18th), which jumps five places. Australia 
delivers a consistent—and essentially unchanged—
performance across the board, the highlight of which 
is its 7th rank in the financial market development 
pillar, the only pillar where it features in the top 10. 
The country also earns very good marks for higher 
education and training, placing 15th.
 
Australia’s favorable 
macroeconomic situation is improving further (25th, up 
one place). Its budget deficit was reduced in 2012 and 
inflation brought to under 2 percent, while the public 
debt-to-GDP ratio, though on the rise, is the third lowest 
among advanced economies, behind only Estonia and 
Luxembourg. The main area of concern for Australia is 
the rigidity of its labor market (54th, down 12), where 
the situation has deteriorated further. Australia ranks 
137th for the rigidity of the hiring and firing practices 
and 135th for the rigidity of wage setting. The quality of 
Australia’s public institutions is excellent except when it 
comes to the burden of government regulation, where 
the country ranks a poor 128th. Indeed, the business 
community cites labor regulations and bureaucratic red 
tape as being, respectively, the first and second most 
problematic factor for doing business in their country

 

 

Edited by Mr Medved

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