Australia rose to 13th from 19th place out of 67 nations for competitiveness, according to the Swiss-based IMD World Competitiveness Yearbook 2024. It was Australia's highest ranking in 13 years.
The improved ranking is the result of Australia's stronger business and government investment, population growth and budget positions. Australia's stable economy, transparent regulations and global business ties provide a secure and thriving environment for investors.
Singapore, Switzerland and Denmark were ranked the world's top three most competitive economies respectively. While the United States was ranked 12th (down three places), the United Kingdom, France and Japan were outside the top 20.
The World Competitiveness Ranking measures economies, regions and sub-regions based on how they optimise their individual competencies to achieve long-term value for their people. The ranking examines economic performance, business efficiency, government efficiency and infrastructure.
Top 10 for economic performance
Australia's overall economic performance improved from 10th to 7th.
Australia's competitiveness in international investment was ranked in the global top five. The high ranking reflected the country's strong performance in both inbound and outbound investment.
Strong international trade, high commodity prices and a comparatively healthy local economy have also helped drive this rebound in Australia's competitiveness.
Australia was ranked highly for:
- government efficiency (13th in the world)
- infrastructure (18th in the world)
- business efficiency (22nd in the world).
