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New Zealand has slipped three places in the Global Competitiveness Index, from 20th in 2009 to 23rd in 2010.
The Index ranks countries according to their ability to compete internationally, using factors such as markets, institutions, infrastructure and human resources.
New Zealand's score only fell slightly - 4.92 from 4.98 - but it was overtaken by Qatar, Luxembourg and Saudi Arabia, countries that are lifting their competitiveness.
BusinessNZ, a partner in the survey, says it helps focus business and policy makers on areas for improvement.
"New Zealand continues to do well in areas such as freedom from corruption, ease of setting up a business, soundness of banks, quality of primary and secondary education, and a low cost burden for things like customs.
"But we continue to rate poorly for our brain drain (86th), rigid hiring and firing practices (83rd), high interest rates (79th) and lack of local competition (64th)," Chief Executive Phil O'Reilly said..
O'Reilly said New Zealand's 23rd placing compared with Australia at 16th showed how much of a challenge it would be to close the trans-Tasman gap.
Switzerland retains the number one ranking with the country characterised by an excellent capacity for innovation and a very sophisticated business culture.
The other countries making up the top 10 places in the Index are: Sweden, Singapore, the US, Germany, Japan, Finland, the Netherlands, Denmark and Canada.
New Zealand continues to perform strongly on basic factors, ranking 14th overall, with high world rankings in institutions; health and primary education.
