IRELAND REMAINS in 29th place in terms of global competitiveness but is ranked last out of 142 countries over its budget balance, according to the World Economic Forum (WEF).

Switzerland remains the world’s most competitive economy, the Geneva-based forum’s Global Competitiveness Report 2011/2012 finds.

In 2009, Ireland was in 25th place in the WEF’s ranking, while a year earlier it was ranked 22nd for global competitiveness.

The report says the country continues to benefit from a number of strengths such as its “innovative business culture” and its education system. However, Ireland scores badly in terms of its macroeconomic environment, its banking system and finances.

It says the most problematic factors when doing business in Ireland include access to financing, inefficient government bureaucracy, restrictive labour regulations and infrastructure deficits.

The country is ranked in 10th place overall for its health and primary education and in 22nd place for its higher education and training. The country is also ranked 13th in terms of goods and in 17th for its labour market.

In addition, Ireland is placed 22nd for business sophistication and 23rd for innovation. But the study says the Irish macroeconomic environment “continues to raise significant concern”.

Ireland is ranked last of the 142 countries sampled in terms of its budget balance while the country’s financial market ranking has fallen from seventh place three years ago to 115th in the latest report, due to its budget deficit.

Singapore is the second most competitive economy in the world, according to the rankings. The US fell one place to fifth.