- The US no longer has the world’s most competitive economy.
- Singapore and Hong Kong overtook the US for the top spots in this year’s IMD World Competitiveness Ranking.
- The UAE, Qatar, and Thailand also moved up the ranking since 2018.
- Visit Business Insider’s homepage for more stories.
The United States no longer has the world’s most competitive economy.
Singapore overtook the US in the annual IMD World Competitiveness Ranking. The list incorporates 235 data points, including GDP, government spending, corruption level, and unemployment.
Singapore also tied with Paris and Hong Kong as the world’s most expensive city earlier this year, according to the Worldwide Cost of Living report. The country has among the world’s lowest corporate tax rates at 17%.
The US moved down the list due to higher fuel prices, weakening exports, and fluctuations in the value of a dollar, the IMD World Competitiveness Center stated in a release.
Singapore, along with other Pacific Asian countries, moved up the ranking due to advanced technological infrastructure and policies that support businesses.
Here are the 25 countries with the most competitive economies, ranked:
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.
Ian Walton/Getty Images
The UK’s Brexit woes was among the causes of its slide in the rankings.
- Every Ivy League university ranked from least to most expensive
- The best public-school district in every state
- The 25 most expensive cities in the world for gas