After being overtaken by Hong Kong and Switzerland, according to the IMD World Competitiveness Center, the United States has capitulated its status as the world’s most competitive economy.
According to the IMD World Competitiveness Center, a research group within IMD business school, Lausanne, after three years on top the U.S.A. has slipped to third place behind Hong Kong and Switzerland.
Top Ten
The 2016 edition ranks Hong Kong first, Switzerland second and the USA third, with Singapore, Sweden, Denmark, Ireland, the Netherlands, Norway and Canada completing the top 10.
«A consistent commitment to a favourable business environment was central to Hong Kong’s rise and that Switzerland’s small size and its emphasis on a commitment to quality have allowed it to react quickly to keep its economy on top,» said Arturo Bris, Director of the IMD World Competitiveness Center.
Asia Slipping
However Hong Kong and Singapore aside, the research suggests Asia’s competitiveness has declined markedly overall since the publication of last year’s ranking.
Taiwan, Malaysia, Korea Republic, and Indonesia have all suffered significant falls from their 2015 positions, while China declined only narrowly retaining its place in the top 25.
Whither Abenomics?
And despite all of the platitudes about making Japan competitive and breaking down regulatory barriers, Shinzo Abe's Japan lags far behind other Asian centres in a lowly 26th place.
The IMD World Competitiveness report has been published each year since 1989 and it is widely regarded as the foremost annual assessment of the competitiveness of countries.
