The annual IMD World Competitiveness Yearbook, with local data collated by the New Zealand Institute of Management, ranks countries on their ability to create and sustain enterprise competitiveness.
In the four main individual sub-rankings, New Zealand's government efficiency dropped from 6 to 7 and business efficiency slipped from 18 to 22, but infrastructure gained from 22 to 21, as did economic performance, up from 34 to 30.
While New Zealand improved its overall ranking, Australia remained at last year's ranking of seventh overall.
The executive director of Business New Zealand, Phil O'Reilly, said the survey demonstrated the "urgency" needed to propel New Zealand out of the "middle of the OECD [Organisation for Economic Co-operation and Development] pack".
"It [15th] is still not good enough. We are small and far away from our customers," Mr O'Reilly said, when contacted.
He noted some criticisms in the survey were already being addressed, with tax, capital markets and the Resource Management Act all being considered for reform.
In a new sub-ranking of "stress test" this year, New Zealand came in at 12th, with IMD director Prof Stephane Garelli saying smaller economies scored "relatively well" in the new stress test.
"They are able to adapt and rebound in difficult times," she said in a statement.
Germany was ranked 24, Japan 26, the UK 34, the US 28, France 44 and Russia 51 on the stress test.
NZIM national board chairman Phillip Meyer said it was pleasing to make some ground on Australia and do "reasonably well" in the new stress ranking.
"Hopefully, they [the rankings] are a genuine indicator of our ability to bounce back from this global recession," he said.
However, he said perhaps "most concerning" for the country was the state of the country's finances as debt levels rose while banking and financial service support for business declined.
It remained "problematic" for the country that there was still a "brain drain" shortage of international experience in senior management, and shortcomings in communication technology, IT skills, mobile-phone costs and limited internet bandwidth.
"We would still like to see a more significant improvement in our overall economic performance," Mr Meyer said.
New Zealand's economic performance ranked best on low unemployment and in the cost of living criteria.
The IMD and NZIM identified five challenges faced by New Zealand, including the need for an increase in infrastructure spending, strategies for productivity and an export-led recovery, and the implementation of stimulating fiscal policies.
Infrastructure positives included low fixed telephone tariffs, inbound student mobility, high education achievement and high internet and computer use per capita.
Similarly, even though government efficiency dropped 6 to 7, it otherwise rated highly in being easy to start a business.
Tariff barriers were low, employer social security contributions fair and the labour market flexible.
However, Prof Garelli said against those positives, New Zealand had exchange-rate problems, high collected tax revenues, unattractive foreign investment incentives, high corporate tax on profits and a "not so attractive" personal income tax rate.
World ranking
Countries' world ranking for competitiveness:
1) USA
2) Hong Kong
3) Singapore
4) Switzerland
5) Denmark
6) Sweden
7) Australia
8) Canada
9) Finland
10) Netherlands
15) New Zealand
55) Ukraine
56) South Africa
57) Venezuela
