SMM News: the United States has been rarely squeezed out in the selection of the world's most competitive economies.
Singapore ranks first, followed by Hong Kong, China, and the United States ranks third, according to the 2019 Global Competitiveness list released by (IMD) of the Lobsang International Institute for Management Development in Switzerland.
This is significantly different from the 2018 list. Last year, the world champion was the United States, followed by Hong Kong, China, and Singapore.
Nine years later, Singapore is back at the top of the IMD list.
Mainland China ranks 14th on the latest list, down one place from last year. Taiwan rose one place to 17th.
The United Arab Emirates is in the top five for the first time, while Europe as a whole is in the middle of the rankings because of economic uncertainty.
Why is there a big change in the first three rows?
According to the IMD report, Singapore jumped to the top because of its advanced technological infrastructure, a skilled workforce, preferential immigration regulations and an efficient entrepreneurial model.
The reason why the US fell into third place and fell two places in the rankings, IMD believes, is due to President Trump's first wave of tax cuts to boost market confidence, which now appears to be fading. In addition, the United States has been hit by rising domestic fuel prices, weak high-tech exports and fluctuations in the dollar.
Hong Kong, China remains in second place, mainly due to its excellent tax and business environment and convenient financing channels.
The competitiveness ranking report released by the IMD assesses economies on the basis of four factors: "economic performance", "infrastructure", "government efficiency" and "business efficiency", each of which consists of five sub-factors. A total of 63 economies were assessed globally.