Hong Kong has been knocked off the top of the world competitiveness rankings.
It was bumped down to third place – with Switzerland at number two – as the United States regained the number one position that it lost last year.
The Swiss Institute for Management Development (IMD) – a business school and think tank – which compiles the list, credited particularly a rebound by the US financial sector, along with technological innovation and successful companies.
Executives surveyed by IMD said they liked doing business there because the economy is dynamic, there is a skilled workforce, easy financing and a strong research and development culture.
Switzerland made second place due to its export-oriented manufacturing economy, while Germany was considered the ninth most competititive nation for the same reason.
After the USA, Switzerland and Hong Kong – Sweden was fourth on the list, Singapore fifth, Norway sixth, Canada seventh, the United Arab Emirates eighth, Germany ninth and Qatar tenth.
Among the BRICS economies, China and Russia rose in the rankings India, Brazil and South Africa slipped. None are in the top 20, but China is 21st. Japan trails China in 24th place.
Emerging economies in general remain highly dependent on the global