The US has ceased to be the most competitive economy in the world

The US has lost the title of the most competitive economy in the world, losing it to Singapore, follows from the updated rating of the Swiss business school IMD. For the first time in the top ten were two economies of the Middle East — Qatar and the UAE.

Singapore 10 years later returned to the top of the ranking of the most competitive economies in the world according to the Swiss business school IMD. The United States did not stay in the first place for long, falling back to the third position. The second line, as a year earlier, took Hong Kong.

In the top ten, most competitive economies for the first time were two Middle Eastern countries — Qatar (tenth place) and the UAE (fifth place). Three years ago, it was in the 13th and 15th positions, respectively. “The UAE now ranks first in the world for business efficiency, surpassing other economies in areas such as productivity, digital transformation, and entrepreneurship,” the IMD release said.

In addition, Saudi Arabia rose in the ranking by 13 lines — the largest jump this year, to 26th place. It received the highest global rating on public investment in education.

The US, having held out for a year at the top of the rating, fell to the third place. The impetus given was Donald Trump’s tax reform (business tax cuts), “apparently dried up,” explains IMD. Although the US holds the world’s leading position in terms of infrastructure efficiency and macroeconomic indicators, the competitiveness of US economy has suffered due to rising fuel prices, weakening high-tech exports and fluctuations in the dollar.