HONG KONG (dpa-AFX) - Singapore ranked as the world's most competitive economy for the first time since 2010, toppling the United States from the top position, a global study showed.
Singapore climbed to top from the third position last year, while the U.S. slipped to the third place in the 2019 edition of the IMD World Competitiveness Rankings.
Hong Kong remains at second place, thanks to a friendly tax and business policy environment and access to business finance.
Advanced technological infrastructure, availability of skilled labor, favorable immigration laws, and efficient ways to set up new businesses helped Singapore in switching places with U.S.
In the United States, the initial boost to confidence from President Donald Trump's first wave of tax policies appears to have faded, the study says.
The IMD World Competitiveness Rankings incorporate 235 indicators from each of the 63 ranked economies. The ranking is decided by considering unemployment, GDP, government spending on health and education, data from an Executive Opinion Survey and other statistics.
Switzerland climbed to fourth place from fifth, helped by economic growth, the stability of the Swiss franc and high-quality infrastructure. The Alpine economy ranked top for university and management education, health services and quality of life.
Stronger trade revenues helped oil and gas producers such as the United Arab Emirates, Saudi Arabia and Qatar, which jumped several places up this year.
11 out of 14 economies in the Asia-Pacific region either improved or held their ground, while economic uncertainty took its toll on conditions in Europe. Most European economies were on the decline or standing still, the report says.
Venezuela remains at the bottom of the ranking, hit by inflation, poor access to credit and a weak economy.
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