Singapore Overtakes US as the World's Most Competitive Nation

Singapore topped the IMD World Competitiveness Ranking 2019 as the world's most competitive country, surpassing the United States.

The IMD attributed Singapore's rise to its advanced technological infrastructure, skilled workforce availability, business-friendly immigration laws, and efficient business registration processes.

Hong Kong held its second-place position from 2018, driven by its favorable tax policies, conducive business climate, and easy access to financial markets.

The United States dropped two places to third due to the first wave of President Donald Trump's tax policies failing to bolster investor confidence. The US still excelled in several other indicators, such as infrastructure development and economic performance. However, the world's largest economy's performance was overshadowed by rising global oil prices, declining technology exports, and US dollar exchange rate fluctuations.