In the 30th edition of the IMD World Competitiveness Rankings, the US has overtaken Hong Kong as the most global competitive economy, with Singapore placing third. The rankings emphasise the long-term trend that the world’s most competitive economies each have a unique approach to becoming competitive.
Published earlier this month, the report credited the US’s comeback to its strength in economic performance and infrastructure. Hong Kong, which dropped one position to 2nd place, owes its success to exploiting government efficiency and business efficiency.
The advancement of the Netherlands (4th) as one of the most competitive economies is due to its “balanced” path, scoring highly in economic performance, government and business efficiency, while Switzerland moved down to 5th place. Its decline is mainly due to a slowdown in exports and a slight increase in perceptions about threats of relocation of R&D facilities.
Denmark, the UAE, Norway, Sweden and Canada round off the top 10, with the Scandinavian countries showing strong performance in the overall productivity of the private sector and its management practices. Other high-performing economies worth noting include China (13th) and Austria (18th).
Find the full ranking here.