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NZ remains in the ‘elite group’ of most competitive economies

Divina Paredes | June 13, 2017
Ranks 16 out of 63 economies in the annual survey by IMD Business School.

For the first time this year, the IMD World Competitiveness Center is publishing a separate report ranking countries' digital competitiveness. Indicators for technology and scientific infrastructure are already included in the overall rankings. 

The new Digital Competitiveness Ranking, however, introduces several new criteria to measure countries' ability to adopt and explore digital technologies leading to transformation in government practices, business models and society in general.
At the top of the ranking is Singapore, followed by Sweden, the USA, Finland and Denmark. "There is no doubt that supportive and inclusive government institutions help technological innovation," says Bris.

"Singapore and Sweden have developed regulation that takes advantage of the talent they have by adopting, for instance, regulation that facilitates the inflow of overseas talent which complements the locally available pool. 

"The US invests more in developing its scientific concentration and generating ideas but the country has a history of government support for technological innovation. This shows that in digitally competitive countries, the government must facilitate the adoption of new technologies."Many of the top 10 digitally competitive countries are also found at the top of the overall rankings, with some exceptions. 

Luxembourg, number eight in the overall list, ranks only 20th in the digital list. Finland is 15th in the overall list, but 4th in the digital ranking. "Of paramount importance in the digital ranking are issues related to how adaptive and agile economies are when faced with technological change," says Bris.

The bottom five are Indonesia, Ukraine, Mongolia, Peru and Venezuela. Bris says: "One thing the results highlight is that these countries not only have low rankings in terms of talent but they don't invest in developing whatever talent they have."
"There is a relation between the lack of talent and training with a lack of business agility," he adds. "Education and knowledge production are the key."



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