Ireland fifth most competitive nation in world

A major international economic study has ranked Ireland as the fifth most competitive nation in the world, a rise of three places on 1999.

The US remains in top spot, although it has been warned that both it and Japan are facing a period of economic slump.

The report, by the International Institute for Management Development, said its poll of business leaders shows economies in Europe are in a good position and should be insulated against a downturn.