New Zealand has fallen out of the list of the world's top 20 countries for global competitiveness.
Ranked 20th last year in the World Economic Forum's annual Global Competitiveness Report, New Zealand has slipped to 23rd this year.
Switzerland is first, followed by Sweden and Singapore. The United States fell from first to fourth, and Australia slipped back a place to 16th.
Inadequate infrastructure, access to financing and tax rates were identified as the top three problems in doing business in this country.
New Zealand scored well, however, on lack of corruption, ease of setting up a business, and quality primary and secondary education.