According to this year’s World Competitiveness Ranking by Switzerland’s International Institute for Management Development (IMD), the United States is no longer the world’s most competitive economy. The ranking drops it into the third spot.
The US has held the status for three years. Now Hong Kong is ranked first and Switzerland is second. The top most competitive nations are Sweden, Denmark, Ireland, the Netherlands, Norway and Canada. China takes the 25th position. Russia is No.44. Venezuela is the outsider ranked 61th.
Arturo Bris, Director of the IMD World Competitiveness Center, said that a consistent commitment to a favorable business environment was central to China Hong Kong’s rise and that Switzerland’s commitment to quality has allowed it to react quickly to keep its economy on top.
Meanwhile, the US still boasts the best economic performance in the world, he added.
The research group has ranked nations on their global competitiveness since 1989. The evaluation is based on 369 criteria, divided into four parts: the overall economic efficiency, public administration, business efficiency and infrastructure development.
