Australian economy lagging in digital competitiveness, finds IMD study

Australia’s economy has been ranked 14th globally in a study which measures the capacity and readiness of 63 economies to adopt and explore digital technologies as a key driver for economic transformation.

IMD’s World Digital Competitiveness Ranking highlighted weaknesses in business agility, technology skills and communications in Australia’s economy, which was ranked ahead of the of the UK at 15th and New Zealand at 18th, but behind Taiwan (China) at 13th and Canada at 11th.

“The results highlight that we need a broader national community discussion around the importance of research and development, investment in technology and tech skills and how the benefits of these flow back to the community,” said Committee for Economic Development of Australia (CEDA) CEO Melinda Cilento.

“We also need to be aware that economies in our region are making big gains in digital competitiveness with Hong Kong and South Korea entering the top 10 while Taiwan and China have moved up to 13th and 22nd respectively from 16th and 30th.

“Our Asia Pacific neighbours are making serious investments into skills and technology infrastructure, both areas where we have dropped off in key areas, and we need to ensure we keep pace. These are the drivers of future competitiveness and opportunity.”

The top five countries on the IMD’s index remained unchanged from 2018, with the US taking first position, followed by Singapore, Sweden, Denmark and Switzerland.