Ireland falls in the 'Best Countries for Business' ranking
Ireland has fallen from 8th to 11th in the annual Forbes 'Best Countries for Business' list.
Among the smaller countries that placed ahead of Ireland were Singapore, the Netherlands, New Zealand, and Denmark.
Seven years ago Enda Kenny, out on the election trail, promised to make Ireland the best small country in the world in which to do business by 2016.
However, while the economy has improved dramatically since then, it is only just ranking as the third best small country in Europe for business.
According to Forbes, the greatest risks facing the Irish economy are the UK’s departure from the European Union - set to occur in less than 100 days - possible changes to international taxation policies that could affect the country’s revenues, as well as trade pressures from outside forces.
As a small open economy Ireland is especially exposed to changes in the global trading system.
The listing comes as the National Competitiveness Council (NCC) earlier this week warned that rapid house price inflation and traffic congestion are the warning signs of a loss of competitiveness.
Ireland is facing a "significant" loss of competitiveness as the economy heats up and prices and living costs rise. Unsustainable growth will ultimately lead to a return to boom and bust, the council said in its latest report.
The severe shortage of available and affordable accommodation is a substantial threat to Ireland's competitiveness, the Council cautioned. That view echoes those from industry.
The NCC is the Government's independent advisor on competitiveness in the Irish economy.