NZ's global competitiveness slips

New Zealand has slipped three places in the Global Competitiveness Index published by the World Economic Forum.
Inadequate supply of infrastructure was highlighted as the most problematic issue for doing business in New Zealand.
That was followed by access to financing and tax rates.
The index ranks countries according to their ability to compete, using factors such as markets, institutions, infrastructure and human resources. BusinessNZ is a partner in the international survey.
New Zealand fell to 23rd in the 2010 survey from 20th in 2009, which is behind Australia on 16th.
Switzerland stays top, Sweden is second and Singapore third. The United States, Germany, Japan, Finland, the Netherlands, Denmark and Canada make up the top 10.
BusinessNZ chief executive Phil O'Reilly said New Zealand's placing compared with Australia showed how much of a challenge it would be to close the transtasman gap.
New Zealand did well in areas such as freedom from corruption, ease of setting up a business, soundness of banks, quality of primary and secondary education, and a low cost burden for things like customs.
But it ranked 86th on a rating for brain drain, 83rd in hiring and firing practices, 79th for high interest rates and 64th for lack of local competition.
"Low rankings in areas relating to innovation - including government procurement of advanced technology and availability of scientists and engineers - are also a concern." NZPA