Latest rankings show Ireland is the third-most competitive euro area nation

Ireland has been ranked as the third most competitive country in the euro area.

According to the latest IMD World Competitiveness Rankings, Ireland has also been placed as the 11th most competitive economy in the world out of 63.

This is up from 13th place last year.

While the development has been welcomed by the National Competitiveness Council (NCC), the organisation also cautioned that Ireland 'must not become complacent.'

"We should be pleased with the findings of the IMD's Competitiveness Yearbook which showcases our improving competitiveness in an international context," said Dr Frances Ruane, chair of the NCC: "However, we cannot be complacent and staying competitive must remain a constant focus for Government and enterprises alike."

Dr Ruane added that urgently improving Ireland’s competitiveness performance is a vital response to the challenges presented by current challenges, such as cost pressures, trade disruption, supply chain issues and infrastructural deficits.

FURTHER DETAILS

The ranking research found Ireland's improved fiscal position, ability to attract investment, and strong recovery of the labour market have contributed to the rise in its international competitiveness.

Conversely, capacity constraints in housing, infrastructure and construction, and the availability of talent were also highlighted.

The IMD Competitiveness Yearbook assesses and ranks 63 economies around the world based on their ability to create and maintain a competitive business environment.