IMD World Competitiveness Booklet 2023

Competitiveness Country Profiles

Australia Competitiveness Trends – Overall

OVERALL PERFORMANCE (64 countries)

BASIC FACTS

Rank

2019

2020

2021

2022

2023

Capital Land area (square km '000)

Canberra

7.741 2022 1,442 2022

Exchange rate (per $)

18

18

19

19

22

Population - market size (millions) 26,00 2022 26 Gross Domestic Product (GDP) (US$ billions) 1.698,7 2022 11 GDP (PPP) per capita (US$) 62.136 2022 18 Real GDP growth (%) 5,2 2022 23 Consumer price inflation (%) 6,62 2022 20 Unemployment rate (%) 3,52 2022 12 Labor force (millions) 14,28 2022 26 Current account balance (% of GDP) 1,20 2022 25 Direct investment stocks inward ($bn) 770,3 2021 14 Direct investment flows inward (% of GDP) 1,51 2021 46

CHALLENGES IN 2023

• Bring inflation down while ensuring a soft landing for the economy. • Reinvigorate the policy pillars of Australia’s economic success through reviews of monetary and migration policies. • Return productivity growth to long-term averages. • Manage the clean energy transition in the most efficient and orderly manner possible. • Grow and deepen Australia’s export base after COVID -19.

PROVIDED BY: CEDA - Committee for Economic Development of Australia

COMPETITIVENESS LANDSCAPE

Economic Performance Government Efficiency

Business Efficiency

Infrastructure

Domestic Economy

International Trade

International Investment Employment Prices

Public Finance Tax Policy

Institutional Framework Business Legislation

Societal Framework

Productivity & Efficiency Labor Market Finance

Management Practices Attitudes & Values

Basic Infrastructure

Technological Infrastructure Scientific Infrastructure

Health & Environment Education

10 7

10

12

14

14

15

18

18

19

22

23

25

27

28

31

31

32

36 33

PEER GROUPS RANKINGS ASIA - PACIFIC (14 countries)

POPULATIONS > 20 MILLION (27 countries)

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

4

4

5

5

5

5

6

6

6

7

57