Asian country dethrones US as world’s most competitive economy; India not even in top 40

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Published: June 10, 2019 10:14 AM

The Asian country outranked the US in the annual ranking by IMD World Competitiveness and it is for the first time in nine years that Singapore has surpassed the US.

A view of Singapore’s Changi Airport. (Reuters)

Singapore now has the most competitive economy in the world after toppling the long-standing competitor the United States, said a report. The Asian country outranked the US in the annual ranking by IMD World Competitiveness and it is for the first time in nine years that Singapore has surpassed the US. The United State of America has slipped to the third position, overtaken by another Asian economy Hong Kong SAR as well, the IMD ranking found. According to the same data, the US has fallen behind because of higher fuel prices, weakening exports, and fluctuations in the value of a dollar while the Pacific Asian countries gained ground because of “advanced technological infrastructure and policies that support businesses”, openness to immigration, and skilled workforce. Meanwhile, India does not feature even in the top ten list and has grabbed 43rd position, one spot up from the previous year’s 44th.

World’s top 10 most competitive economies

Other than Singapore, Hong Kong SAR and the US which have bagged the top three spots, Switzerland and the United Arab Emirates are also among the top five most competitive economies. Nordic countries the Netherlands, Denmark, and Sweden are in the top ten list with Sweden’s impeccable technological and human resource backing to the businesses and Denmark’s infrastructure strength. The innovativeness and profitability of businesses in the Netherlands helped in the higher ranking of the Nordic country

Ireland and Qatar stood at 10th and 7th positions respectively. Qatar has made it to the top ten positions for the first time in over five years. The IMD ranking takes into account 235 factors such as GDP, government spending, corruption level, and unemployment.

All of the world’s fastest-growing cities are Indian

While India may not be among the top ten competitive economies, all of the world’s fastest-growing economies belong to the South Asian country. These are — Surat, Agra, Bengaluru, Hyderabad, Nagpur, Tiruppur, Rajkot, Tiruchirapalli, Chennai and Vijayawada. Bengaluru will top these cities in terms of GDP in 2035 with it touching $283 billion by that year.

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