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Alarm Bells Sound at NZ’s Underperformance

Alarm Bells Sound at NZ’s Underperformance

New Zealand First says alarm bells are sounding in many vital areas of the economy according to this year’s Global Competitiveness Index.

The Index ranks countries according to their performance in areas such as innovation, market size, market efficiency, infrastructure, business sophistication and other important economic factors.

Commerce spokesperson Andrew Williams says New Zealand achieved a poor ranking of 43rd for overall infrastructure, 63rd for government debt, 70th for a balanced budget and an appalling 101st for national savings.

In the area of labour market efficiency New Zealand’s was ranked 79th for its ability to retain talent onshore.

“This confirms the sad fact that many of our best and brightest are disappearing overseas for what this Government terms a ‘brighter future’, says Mr Williams.

“Growth in exports was a pathetic 74th, when it is vital that we as a trading nation be at the top of our game on expanding our export markets.

“However, this is not surprising when our available bandwidth was woeful at 56th, company spending on R&D was 34th, and availability of scientists and engineers was 58th.

“Overall this is a ‘not achieved’ E Grade for this government in the all-important export and business development sectors,” says Mr Williams.

The Global Competitiveness Index listed the most problematic factors for doing business in New Zealand in 2013 as:
• inadequate infrastructure
• inadequately educated workforce
• insufficient capacity to innovate
• inefficient government bureaucracy
Full survey results at http://www.weforum.org/issues/global-competitiveness

ENDS


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