Ireland has been named in the top three along with Denmark and Switzerland among 64 economies measured for their global competitiveness in the 2023 World Competitiveness Ranking (WCR), published by IMD’s World Competitiveness Centre (WCC).

Ireland made a significant leap from seventh to second place, and Switzerland drops one place to third.

This is the 35th consecutive year this annual ranking and report has been published, covering 64 global economies. The report is a result of a mixture of hard data – 164 competitiveness criteria selected as a result of comprehensive research using economic literature, international, national, and regional sources, plus feedback from the business community, government agencies, and academics – and 92 survey questions answered by 6,400 senior executives.

The ranking is a valuable tool for evaluating highly contrasting business environments, for supporting international investment decisions, and for assessing the impact of various public policies. It serves managers and policy makers alike and is an indicator of the quality of life in each country it assesses.

Countries are ranked from the most to the least competitive and benchmarked in 4 areas:
1.    Economic Performance (Ireland 1st)  
2.    Government Efficiency (Ireland 3rd)
3.    Business Efficiency (Ireland 3rd)
4.    Infrastructure (Ireland 19th)

Commenting on these 2023 rankings, RSM Ireland Head of Tax Aidan Byrne said, “The IMD World Competitiveness Ranking is a key reference point on the competitiveness of countries, and the fact that Ireland has jumped so dramatically in the rankings is very positive news. It further cements Ireland’s track record as a great location for conducting business. 

This ranking emphasizes a long-term trend of Ireland’s unique approach to becoming competitive. As well as Tax incentives, our availability of talent, the pro-business environment in which we operate, and access to the European Union are all factors.”

Read the full report here