Singapore has become the most competitive economy in the world replacing the United States. According to the IMD World Competitiveness Ranking 2019, the United State of America has slipped to the third position, overtaken by another Asian economy Hong Kong SAR.
The Asian country outranked the US in the annual ranking by IMD World Competitiveness and it is for the first time in nine years that Singapore has surpassed the US. The United State of America has slipped to the third position, overtaken by another Asian economy Hong Kong SAR as well, the IMD ranking found.
According to the same data, the US has fallen behind because of higher fuel prices, weakening exports, and fluctuations in the value of a dollar while the Pacific Asian countries gained ground because of “advanced technological infrastructure and policies that support businesses”, openness to immigration, and skilled workforce.
Other countries in the top ten spots besides Singapore, Hong Kong SAR and the US includes, Switzerland and the United Arab Emirates are also among the top five most competitive economies. Nordic countries the Netherlands, Denmark, and Sweden are in the top ten list with Sweden’s impeccable technological and human resource backing to the businesses and Denmark’s infrastructure strength. The innovativeness and profitability of businesses in the Netherlands helped in the higher ranking of the Nordic country.
Ireland and Qatar stood at 10th and 7th positions respectively. Qatar has made it to the top ten positions for the first time in over five years. The IMD ranking takes into account 235 factors such as GDP, government spending, corruption level, and unemployment.
Malaysia remained in 22nd place, Thailand came in 25th after rising five places from last year, and Indonesia was ranked 32nd after jumping 11 places. India stands at 43rd place, a rank higher than the previous year.