The world’s most competitive countries continue to jostle for the top positions in the 2017 IMD World Competitiveness Yearbook, as the U.S. is pushed out of the top three.
Hong Kong has consolidated its dominance of the annual rankings compiled by the IMD World Competitiveness Center, taking the top spot for the second year.
Switzerland and Singapore came in second and third, with the U.S. ranking fourth, its lowest position in five years and down from third last year.
The Netherlands completed the top five, jumping up from eighth last year.
“These countries have maintained a business-friendly environment that encourages openness and productivity,” says Professor Arturo Bris, Director of the IMD World Competitiveness Center. “If you look at China, its improvement of seven places to 18th can be traced to its dedication to international trade. This continues to drive the economy and the improvement in government and business efficiency.”