Ireland falls to seventh place in competitiveness rankings
Ireland has fallen to seventh place in the latest World Competitiveness Rankings, as the country suffered a significant fall in efficiency of doing business.
According to the latest rankings from the International Institute for Management Development's (IMD) World Competitiveness Centre, which has been ranking the competitiveness of countries for 37 years, Ireland fell three places from fourth in 2024.
Ireland stood at second in the rankings in 2023.
The IMD rankings assess 69 economies around the world based on their competitive business environment. It is based on hundreds of indicators across four areas such as economic performance, government efficiency, business efficiency, and infrastructure.
Switzerland took the top spot this year, followed by Singapore in second place, and Hong Kong in third. Denmark, the United Arab Emirates, and Taiwan were also ahead of Ireland.
Ireland was the highest ranking member of the eurozone on the list.
Sweden, Qatar, and the Netherlands rounded out the top 10 places on the list.
The US stood in 13th place in this year's rankings, while China fell to 16th. Germany rose five places to 19th, the UK was in 29th place, and Spain was in 39th place.
Nigeria, Namibia, and Venezuela were all at the bottom of this year's rankings.
In terms of the metrics, Ireland was on par in almost every category compared to 2024, however, there was a significant fall-off recorded in the business efficiency category. In 2023 and 2024, Ireland ranked third in the world in this area but in 2025 it has fallen to 11th.
The country still ranks highly in government efficiency, in fifth place. It placed ninth in economic performance, despite ranking 33rd for the domestic economy and 46th for prices.
While it ranked 17th in infrastructure, this was the same ranking the country had in 2024.
According to IMD, the final score for each economy is computed by using the perceptions of executives, together with statistical data.
The hard data represent a weight of two-thirds in the overall rankings. This year, the hard data was computed to form 170 criteria.
Read More
Irish exports fell 43% in April compared to March as tariffs hit trade
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Independent
3 hours ago
- Irish Independent
‘Substantial' import of intellectual property plus production of weight-loss drugs behind Q1 surge in exports to US
More shipments of the active ingredients in weight-loss drugs, following the opening of new factories, is one reason for the surge in Irish exports to the US this year, according to the Central Bank.
Irish Independent
3 hours ago
- Irish Independent
Businessman Paul Wright ‘not being truthful' in US case, says judge
A magistrate judge assisting the judge hearing the case has determined that fraud – alleged by a law firm suing Mr Wright and his Irish firms in Florida – did occur, at least in part. Mr Wright has been accused of using client money to bankroll a lavish lifestyle, including the rental of private jets and buying a house for his son. Florida law firm TMCT, which is owned by Ms Cherish Thompson, last year sued Mr Wright and two of his companies, Eterna Private Clients Europe and Wright Private Office. Ms Thompson has claimed that she was introduced to Mr Wright in London in 2020 and that her business is owed at least $221,000 (€204,000) by the defendants. However, she has sought a total of $730,000 in a recent motion for a default judgment that was deemed by the court to have been filed prematurely. Mr Wright's firms are in danger of having a judgment in default registered against them Mr Wright and his firms have vigorously denied the claims, describing Ms Thompson as 'an aggrieved former independent contractor'. Mr Wright and his firms have seen two law firms that had been representing them at different times both come off record in recent months. Mr Wright and his companies were given until May 30 to find new legal representation, but failed to do so. They are now in danger of having a judgment in default registered against them by the Florida court hearing the case. The defendants had tried to dismiss the case on a number of grounds, including that Florida was the wrong jurisdiction to hear it, but most of those have now been rejected by the court. In the issues where motions to dismiss have been granted by the court, TMCT has been told it can amend its complaint or re-plead. As part of the discovery process, TMCT previously requested that Mr Wright make 147 admissions, including that he told office staff in 2022 that his business colleague, John O'Dea, was having an affair with his wife. Mr O'Dea has also provided an affidavit to the court in the current case. 'Having carefully reviewed the briefing on the general jurisdiction issue, the court first notes that Mr Wright's and Mr O'Dea's declarations are inconsistent with those submitted by plaintiff,' noted the magistrate judge in a report just published. The judge said that is why a hearing had been scheduled, but it could not go ahead as scheduled because Mr Wright and his firms had not retained new legal counsel, 'in direct violation of court orders'. 'It seems that Mr Wright and Mr O'Dea are not being truthful in denying having electronically signed agreements retaining plaintiff, a law firm based in Florida, in light of the competing declarations submitted by plaintiff,' the judge noted in his report. He added: 'There is an abundance of evidence that defendants did, in fact, retain plaintiff to pursue their interests in Florida, and defendants have not provided any evidence other than the self-serving representations of defendant Mr Wright and Mr O'Dea.'
Irish Independent
3 hours ago
- Irish Independent
Entries open for Property Industry Excellence Awards 2025
The former will recognise a person whose leadership, vision and legacy have left an enduring mark on the Irish property industry. The commercial deal award will honour a high-profile transaction that demonstrates scale, complexity and commercial ingenuity. Businesses and organisations in the property and construction sector are now invited to submit entries for the awards. The 2025 programme features 11 categories including the Construction Project Award which recognises construction projects completed between January 1, 2024, and August 31, 2025. The Developer Award honours firms that are actively shaping Ireland's built environment. A Rising Star Award highlights emerging professionals with less than 10 years' experience. A Housing Award rewards projects that address Ireland's urgent needs across tenures – social, cooperative, public and private – with sustainable, inclusive and impactful solutions. The Small Agency of the Year Award is open to agencies with 10 employees or fewer. Other categories are Architecture Award, Placemaking and Planning Award, the PropTech Award and the Fund Manager Award.
