The IMD business school in Lausanne has published the World Competitiveness Ranking 2019. Switzerland has been ranked fourth worldwide and therefore moved up one spot on the previous year’s position. This placement is owed to the good quality of its infrastructure. In this category, the country is second in the world. It also performed well in the government efficiency category (number four). According to a press release from the IMD business school, Switzerland owes its strong positioning to economic growth and the stability of the Swiss franc.
Singapore has climbed to number one this year, toppling the USA from the top spot. The USA is consequently now at number three, with Hong Kong a non-mover at two. Singapore’s rise to the top was driven by its advanced technological infrastructure and favorable immigration laws. In the USA, the initial boost to confidence from President Donald Trump’s first wave of tax policies appears to have faded, according to the ranking.
According to economists at the IMD business school, competitiveness is vital for the long-term health of a country’s economy, as it empowers businesses to achieve sustainable growth, generate jobs and, ultimately, enhance the welfare of citizens.
The World Competitiveness Ranking has been compiled by the IMD business school since 1989. It is currently based on 235 indicators and incorporates 63 countries.