FX.co ★ Top ten most competitive countries in the world

Singapore

Singapore held the first spot in this ranking nine years ago. It turned out that it is among the business leaders again this year. Experts believe that the reasons for the economy growth consist in advanced technological infrastructure, a sufficient number of skilled labour power, favourable immigration laws, and effective ways of business development.

Hong Kong

The economy of this country is based on a free market, minimum taxation and non-interference of the state. Hong Kong is an offshore territory where imports are duty-free. Excise taxes are only imposed on four types of goods - alcoholic beverages, tobacco, mineral oil, and methyl alcohol, regardless of the fact whether they are imported or locally produced. Hong Kong is an important center of international finance hosting headquarters of many world's leading corporations.

The USA

IMD ranked the United States third. However, experts mention that Donald Trump’s policy rating is poor. Despite the fact that the country is setting global growth rates for infrastructure and economic indicators, US competitiveness is hardly the highest one. The state of the world's largest economy was affected by high fuel prices, a decline in the export of high-tech goods, and fluctuations in the cost of the national currency.

Switzerland

The economy of Switzerland is one of the world’s most stable economies. Switzerland ranks at number 4 in terms of economic competitiveness.The policy of long-term monetary security and bank privacy has made Switzerland a prosperous country. Investors are confident in the safety of their funds here. It makes the country's economy highly dependent on the inflow of foreign investment. Industrial and trade sectors play a significant role as key economic resources for Switzerland. The country also processes two thirds of the world's gold reserves.

The United Arab Emirates

The UAE occupies the fifth place in this ranking. Re-export, trade, extraction as well as oil and gas exports. Additionally, oil production in the UAE reaches 2.2 million barrels per day. The largest petroleum factories are located in Dubai, Sharjah, and Ras Al Khaimah. Dubai's commercial center and Jebel Ali free zone have attracted impressive foreign investment over few decades. The capacity of the ports of Rashid and Jebel Ali is more than 3 million container units per year.

The Netherlands

The Netherlands, which is at the sixth line, is among highly competitive countries for its reputation of world famous companies and leading trusts. There are headquarters and production facilities of such multinational and European companies as VimpelCom, Royal Dutch/Shell (petrochemistry), Unilever (household chemicals and products), and Royal Philips Electronics (electronics) in Holland. The economy of the Netherlands is considered to be export-oriented, so this country is focused on foreign markets.

Ireland

IMD ranked Northern Ireland the seventh. Export is the main driver of its economic growth. The economic development of the country allows to increase consumer spending. Analysts mention that the unemployment rate in Ireland is very low.

Denmark

IMD put Denmark to the eighth line. The country depends on imports of raw materials and foreign trade. It has modest natural resources, but the government of the country puts big investments into human resources. The service sector in Denmark holds the lion’s share of the labor market and the nation’s economy. The Danish economy is characterized by its stability. It has balanced budget, a stable currency, low interest rates, and slow inflation.

Sweden

The ninth spot in the IMD ranking goes to Sweden. The country has a diversified and competitive economy. Swedish companies export many goods to foreign countries. The country maintains a trade surplus from year to year. There are 50 global companies in Sweden, including ABB, Atlas Copco, Oriflame, Saab AB, Scania, Volvo, Ericsson, TELE2, AB Electrolux, TetraPak, Alfa Laval, SKF, H&M, and others. Innovations are very popular in the country. There is a highly developed and constantly upgraded infrastructure, as well as well-trained staff.

Qatar

Qatar is the last country on the rating list. According to experts, the high revenues from trade contributed to the economic development of oil and gas producing countries, including Saudi Arabia and Qatar. Analysts say that the state has joined the top ten business leaders for the first time since 2013.