Switzerland gains in Competitiveness

The USA has surrendered its status as the world’s most competitive economy after being overtaken by China Hong Kong and Switzerland, according to the IMD World Competitiveness Center.

31.05.2016, 09:31 Uhr

Redaktion: cwe

The sheer power of the economy of the USA is no longer sufficient to keep it at the top of the prestigious World Competitiveness Ranking, which it has led for the past three years. The 2016 edition ranks China Hong Kong first, Switzerland second and the USA third, with Singapore, Sweden, Denmark, Ireland, the Netherlands, Norway and Canada completing the top 10.

Professor Arturo Bris, Director of the IMD World Competitiveness Center, said a consistent commitment to a favourable business environment was central to China 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.

Taiwan, Malaysia, Korea Republic, and Indonesia have all suffered significant falls from their 2015 positions, while China Mainland declined only narrowly retaining its place in the top 25. The study reveals some of the most impressive strides in Europe have been made by countries in the East, chief among them Latvia, the Slovak Republic and Slovenia.

The IMD World Competitiveness Center has published the ranking each year since 1989 and it is widely regarded as the foremost annual assessment of the competitiveness of countries.

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