Ireland has been ranked 24th in an index of global competitiveness by the World Economic Forum, up one place from the 2014 rating.

The index ranked the competitiveness of the Irish economy in eighth place in the euro zone and 11th place among the 28 EU states

“Ireland performs well in terms of goods market efficiency (ranked seventh), institutions (12th), health and primary education (12th), and labour market efficiency (13th),” said the National Competitiveness Council, which monitors economic trends for the Government.

“Weaknesses are evident in relation to infrastructure (27th), market size (57th), financial markets (61st), and the macroeconomy (87th).”

Minister for Jobs Richard Bruton welcomed the improved ratings but said major economic challenges remained.

“Now as recovery begins to bed in, we must make sure that we don’t lose our focus on competitiveness,” he said.