New Zealand Rises in Competitiveness Ranks

September 9, 2009 New Zealand Finance  No comments

New Zealand has been announced to be the 20th highest ranked country for business competitiveness.

According to the World Economic Forum’s annual Global Competitiveness Report, New Zealand is the 20th most competitive nation in the world. New Zealand ranked 24th last year. Through a poll of 13,000 world business leaders the report “measures the institutions, policies and factors that determine the level of productivity” of a country.

New Zealand’s improved rankings were attributed to the country’s institutions, health and primary education sectors. Detracting factors included business sophistication and innovation. Rick Boven, NZ Institute Director, commented on the negative aspects, saying “Our businesses have relatively few suppliers, we do not have well developed clusters of businesses and our businesses do not participate in many steps of their value chains.” He went on further to talk about New Zealand’s propensity to produce valuable research but its concurrent lack of scientists and funding into research.