Christos Cabolis: Australia has positive outlook despite 25-year low competitiveness ranking

·

Nearly 100 attended a video conference organised by the Australian Chamber of Commerce and Industry (ACCI) and held on Tuesday evening with guest speaker Institute for Management Development’s (IMD) World Competitiveness Centre’s Chief Economist, Christos Cabolis and hosted by the Director of the Business Leaders Council of ACCI, Paul Nicolaou. 

During the video conference, Mr Cabolis outlined the main points from the recently released IMD World Competitiveness Yearbook for 2021 in which Australia appears to have fallen four places to 22nd in a global ranking of the competitiveness of 64 nations, Australia’s worst result in 25 years. 

The IMD World Competitiveness Yearbook (WCY) is the leading annual report on the competitiveness of countries and has been published by IMD since 1989. It benchmarks the performance of 64 economies based on more than 330 criteria measuring different facets of competitiveness.

Pic: The Greek Herald

Nola Watson: Australia has become ‘inward looking’

In her opening speech Nola Watson, Deputy President of ACCI, CEO of Business NSW and Chairman of International Chamber of Commerce (Australia) welcomed Mr Cabolis and said that “it’s hard when we see that Australia has slid backwards in ratings.”

Ms Watson highlighted that “declines in productivity have been alarming for at least a decade.” 

Pic: The Greek Herald

“We’ve seen that the governments rely heavily on traditional levers of monetary and fiscal policies that aren’t going to address these bigger structural issues that are operating in our economy and we have been calling -from a policy point of view- for a greater emphasis on innovation, structural reform and areas that will drive better business activity in the economy,” Ms Watson said.  

“We haven’t just closed our borders but in some ways, Australia has become more ‘inward looking’. The lack of migrants and people coming into this country and bringing new ideas brought up some weaknesses within our constitutional arrangements -state and federally- that affect the economy.”

IMD World Competitiveness Centre’s Chief Economist, Christos Cabolis

Is Australia in a terrible situation? 

Despite the fact that Australia appears to have fallen in the global ranking Mr Cambolis remains optimistic although acknowledges that business sentiment in the country has deteriorated due to COVID.

“Are there things that Australian economy can change? Absolutely. Is Australia in a terrible situation? I will argue, absolutely not. What we see, is that the overall trend is pretty much the same as it was five years ago,” he said. 

However, he acknowledged that Australia’s business community has “major doubts” about the economy as well as deteriorating attitudes towards globalisation, exacerbated by the pandemic.

“The way executives see the economy; they are not convinced it will work out,” he said.

According to IMD, Australia’s strongest attributes, were its health and environment, business legislation and international investment.

The country’s successful economic response to the COVID-19 pandemic also helped its economic performance ranking climb.

The yearbook identifies several challenges for Australia, including laying the groundwork for the safe reopening of international borders, maintaining health and safety through the vaccination rollout, and driving private sector-led growth and investment.

So how can Australia and Greece improve their competitiveness rankings according to the Chief Economist?

It’s about setting sustainable mid- and long-term goals, enhancing small and medium enterprises, attracting talent through the creation of innovative ecosystems, supportive regulation, inclusiveness and Green Economy. 

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Historic ties remembered as Greece’s Evzones march in Adelaide’s ANZAC Day parade

During a Dawn Service at West Torrens on Friday, April 25, the Evzones stood guard alongside Australian army battalion in remembrance.

Greek glamour meets Aussie pop: Inside the colourful universe of Stavroula Adameitis

Adelaide-born designer Stavroula Adameitis is a creator of bespoke pieces that she describes as ‘wearable art.’

Melbourne seminar to focus on the odyssey of Michel ‘Pablo’ Raptis

Michel Pablo was a twentieth century revolutionary whose life and ideas remain relevant and inspirational until today.

Lawyer Greg Masselos warns NSW workers’ comp changes could devastate frontline workers

Greg Masselos has warned that proposed changes by the NSW government to raise the threshold for claims could have devastating consequences.

Niki Louca shares how to make Focaccia Bread

Niki Louca from My Greek Kitchen shares her favourite recipe for pita bread with The Greek Herald. You can follow her on Instagram.

You May Also Like

New Benaki Museum in Melbourne set to be first of its kind outside of Greece

Fevelopers have teamed with The Hellenic Museum to construct a new Greek museum, making Melbourne the first city to house a permanent Benaki Museum outside of Greece.

Pontoxeniteas NSW elect new committee at Annual General Meeting

The Pontian Association of NSW Pontoxeniteas held their Annual General Meeting on Sunday 27 November 2022.

Greek Community of Melbourne President meets with Greece’s Deputy Foreign Minister

The President of the Greek Community of Melbourne, Bill Papastergiadis OAM, met with Greece's Deputy Foreign Minister, Giorgos Kotsiras.