US regains top spot in latest IMD competitiveness rankings
Swiss business school IMD has published its 25th annual competitiveness ranking of countries, and found that the US has regained the top spot thanks to a rebounding financial sector, technological innovation and successful companies.
China and Japan stand out in Asia, both having increased their competitiveness, IMD said, with factors such as Abenomics helping boost dynamism in the Japanese economy.
Switzerland was the second most competitive economy globally and the most competitive in Europe, according to the ranking. Sweden was fourth globally and Germany ninth.
However, elsewhere in Europe, competitiveness is being held back by austerity programmes that IMD said “are delaying recovery and calling into question the timeliness of the measures proposed.”
Russia rose in the rankings over the past year, but India and Brazil fell – the result of emerging economies generally being highly dependent on global economic recover, which IMD said seems to be delayed. South Africa too fell.
This is the 25th year that IMD publishes its annual ranking. In its first year, 1989, the honours were split between Japan, Switzerland and the Netherlands among developed markets, while Singapore, Hong Kong and Malaysia led the way for emerging markets. China, Russia and other markets were not included.