Singapore and Hong Kong have overtaken the US as the most competitive economies. Here's how 25 countries rank.
25. Thailand has moved 5 spots up the ranking since 2018.
Thailand's jump is driven by an increase in foreign direct investments and productivity, according to the report.
24. Israel ranked at number 21 in 2018.
Israel fell in the ranking due to a negative performance across different government efficiency indicators, such as its budget deficit.
23. The UK dropped three spots since ranking number 20 last year.
The UK's Brexit woes was among the causes of its slide in the rankings.
22. Malaysia kept the same ranking as last year.
21. New Zealand moved up two spots since ranking at 23 last year.
20. Iceland moved up 4 spots in the ranking since 2018.
19. Austria moved down one spot since taking the number 18 ranking last year.
18. Australia moved up one spot since ranking number 19 last year.
17. Germany had the number 15 ranking in 2018.
16. Taiwan moved up one spot in the ranking since last year.
15. Finland moved up one spot since 2018.
Finland has one of the best infrastructure among all the economies ranked.
14. China held the number 13 ranking last year.
China's domestic economy has one of the best economic performances.
13. Canada moved down 3 spots in the ranking since last year.
12. Luxembourg moved down one spot in the ranking since 2018.
Luxembourg still scores high in macroeconomic performance.
11. Norway moved down 3 spots from its number 8 ranking last year.
The Nordics region failed to make significant progress this year in terms of economic competitiveness, according to the data.
10. Qatar moved up 4 spots since last year.
Qatar entered the top 10 for the first time since 2013.
9. Sweden kept the same rank as last year.
Sweden ranks high in delivering technological and human resources to businesses.
8. Denmark moved down 2 spots from the number 6 ranking last year.
Despite its fall, Denmark scored high in infrastructure, according to the data.
7. Ireland moved up 5 spots since 2018.
Ireland's strengthened economy and investment in business explained why it ranked so high.
6. The Netherlands moved down 2 spots this year.
The Netherlands ranked highly in how innovative and profitable its businesses are.
5. The United Arab Emirates moved up 2 spots from number 7 last year.
The UAE appeared in the top five for the first time due to increased productivity and entrepreneurship.
4. Switzerland moved up a spot in the ranking since last year.
Switzerland also ranked highly for the quality of life, according to IMD World Competitiveness Center.
3. The US moved to the number 3 after having the most competitive economy last year.
Higher fuel prices and fluctuations in the value of a dollar led to the drop in rankings for the US.
2. Hong Kong also held the second spot on the list last year.
Policies designed to help businesses helped Hong Kong remain in the top 3.
1. Singapore took the top spot after landing in third place last year.
Singapore's advanced technological infrastructure and availability of skilled labor prompted its rise.
Next Story
I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
From terrace to table: 8 Edible plants you can grow in your home
India fourth largest military spender globally in 2023: SIPRI report
New study forecasts high chance of record-breaking heat and humidity in India in the coming months
Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300
Strong domestic demand supporting India's growth: Morgan Stanley
