For the first time in nine years, Singapore has overtaken the United States to become the world’s most competitive economy, according to Switzerland’s IMD Business School’s annual ranking.
It regained a spot it last claimed in 2010, an accolade that means it came up tops among the 63 economies assessed for sustainable growth, job generation and welfare for its citizen.
If you talk about economic performance, U.S. is still holding the top position however IMD found that the country fell from its top spot as the boost in confidence from U.S. President Donald Trump’s tax policies faded. There are other factors as well which led to a downslide in U.S. economy’s competitiveness like higher fuel prices and weaker high-technology exports etc.
Trump’s policies were both good and bad for country in terms of competitive perspective. Good because low taxes helped in boosting the economy and bad in the sense that closeness and avoiding globalization and trade hurts competitiveness.
The ranking, which started in 1989, evaluates 63 economies in four categories: economic performance, infrastructure, government efficiency and business efficiency.