Singapore Overtakes the U.S. as the World’s Most Competitive Economy
May 30, 2019
Singapore leapfrogged both the U.S. and Hong Kong to take the top spot as the world’s most competitive economy. The U.S. fell from the top of the list to third place behind Hong Kong. The World Competitive Ranking comes from Swizz business school IMD. The ranking is based on scores in four categories: economic performance, infrastructure, government efficiency, and business efficiency.
The ranking noted Singapore’s technological infrastructure, favorable immigration laws, availability of skilled labor, and efficiency in setting up new businesses as main strengths.
Out of the 63 countries on the list, Asian countries ranked the best overall, while Europe saw the largest fall. The United Kingdom fell out of the top twenty and was ranked 23rd overall. This is the lowest rank for the U.K. in the report’s history.