Singapore dropped one place and now ranks as the world's third most competitive economy, according to the World Economic Forum. The organization ranks 137 economies by their ability to sustain growth. There were a few surprises for Asian nations.
The annual index looks at 12 pillars of competitiveness including innovation, infrastructure and the macroeconomic environment. It ranks countries on how they score in each category.
Singapore Slips
Singapore dropped one place to third as rising government debt dragged down its macro-economic score. That said, Singapore’s transport infrastructure, product and labor markets, and the financial sector are all highly efficient.
The United States moved above Singapore into second place, and Hong Kong jumped three places to sixth, leapfrogging Japan in ninth spot. The rest of the top 10 is made up of five European countries (Netherlands, Germany, Sweden, Finland and the U.K.). As for Asia's heavyweights, China edged up one place to 27th, well ahead of India, which was in 40th position.
Swiss on Top
Switzerland tops the overall ranking for the sixth year in a row, according to the Swiss-based World Economic Forum (WEF). The Alpine nation scored highly on nearly every pillar of competitiveness.
The economy is resilient, the labor markets strong and people and businesses are good at absorbing new technologies. Swiss citizens benefit from high levels of public health and education, while Swiss businesses demonstrate high levels of sophistication and innovation.
