US economy back on top of world competitiveness ranking

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SOURCE: DW

URL: https://www.dw.com/en/us-economy-back-on-top-of-world-competitiveness-ranking/a-43902379


With dynamic growth and access to capital seen as primary factors for jumping three places, the US has regained its status as being on the cutting edge of competitiveness in a ranking by the IMD think tank.

A competitive ranking of 63 advanced economies published on Wednesday showed the United States improving three positions to return to the top spot, overtaking Hong Kong, Singapore and the Netherlands, and leaving Switzerland behind.

As the top five most competitive countries in the world remained the same — changing only in their order — the American economy's comeback was mainly driven by economic performance, government efficiency, capital provision and digital infrastructure, said the authors of the study compiled by the Swiss Business School IMD.

Arturo Bris, director of the IMD World Competitive Center, noted that countries at the top shared an above-average performance across all relevant sectors, but that their "competitiveness mix varies."

"One economy, for example, may build its competitiveness strategy around a particular aspect such as its tangible and intangible infrastructure; another may approach competitiveness through their governmental efficiency," he said.

The IMD World Competitiveness Center has published the rankings every year since 1989. The study is based on 258 indicators, including both hard data such as employment and trade statistics, and soft data gathered from a survey of executive opinions on issues such as corruption, environmental concerns and quality of life.

Attractive USA

The US economy lost its long-time competitive lead in 2016, when it fell to third place, and even to fourth place one year later.

The 2018 survey now has found the US to be especially attractive because of its dynamic economic development, easy access to financing and a business-friendly environment in general.

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The study was made before Trump’s tariffs were implemented.

The top five most competitive economies in the world remain the same as in the previous year, but their order changes. The United States returns to the first spot, followed by Hong Kong, Singapore, the Netherlands and Switzerland. The Netherlands moves one place to 4th, swapping with Switzerland which moves down to 5th.

The remaining places in the top 10 are occupied largely by Nordic countries: Denmark, Norway and Sweden rank 6th, 8th and 9th respectively.

SEE HERE FOR THE FULL STUDY AND REPORT:

https://www.imd.org/wcc/world-competitiveness-center-rankings/world-competitiveness-ranking-2018/