Ireland in top four most competitive countries in the EU

Ireland is in the top four most competitive countries in the EU with Germany, Netherlands and Denmark, but overcautious banks, slow to lend to smaller enterprises, are retarding growth.

The EU’s competitiveness report will help guide the European Commission when it issues advice to the government on the country’s economy and on its Budget for next year.

Ireland ranks best in the EU, and sixth in the world, for ease of paying taxes, but its reputation for enforcing contracts is poor, ranking 63rd in the world. The legal process takes too long and despite huge pressure from the troika in the past few years, remains relatively expensive, the report notes.