I thank Deputy Durkan for his very important question. Ireland is recognised as one of the most competitive economies in the world and performs well in international rankings of competitiveness. In June 2023, Ireland was ranked as the second most competitive country in the world in the IMD world competitiveness rankings. The 2024 iteration of these rankings is due to be published in the coming weeks.
The Government receives advice on issues relating to Ireland's international competitiveness from the National Competitiveness and Productivity Council. In May 2023, the NCPC published its triennial report, Ireland's Competitiveness Scorecard, which provides an analysis of Ireland's competitiveness performance based on internationally comparable data and the latest international rankings. The NCPC made a number of positive findings regarding Ireland's competitiveness performance. The essential conditions underpinning Ireland's competitiveness position are relatively robust. Ireland has a strong and stable fiscal position, with sound institutions, a supportive business environment and strong demographic endowments. Ireland is recognised as a highly open economy, with net trade contributing significantly towards annual growth. Ireland's international competitiveness is also reflected in the continued resilience of the economy at a challenging time for the global economy, and in the strong productivity growth in the highly globalised foreign-dominated sectors.
There are, however, a number of areas where Ireland could seek to improve its performance and competitiveness position. These are outlined in the NCPC's most recent annual report, Ireland's Competitiveness Challenge, published in September 2023. This report includes 19 recommendations for Government concerning the following: the cost of doing business; infrastructure delivery; energy generation and consumption; and research, development and innovation. These are all critical aspects of our current and future competitiveness. My Department has lead responsibility for four of the council's recommendations. The Government has issued a formal response to this report which sets out plans to address these recommendations.
My Department continues to pursue pro-enterprise and pro-competitive policies. Published in December 2022, the White Paper on Enterprise 2022-2030 sets out Ireland's industrial policy for the medium to long term, building on Ireland's strengths of an open economy with strong trade and foreign investment, a vibrant innovation hub and a resilient labour market.