Canada has fallen from fifth place worldwide to No. 10 in the IMD World Competitiveness Center ranking, the organization announced this week.
This is the biggest drop among the top 10 countries. The association’s report said the decline is due to reduced economic growth, driven in large part by low commodity prices.
The United States has lost its status as the most competitive country in the world, falling to No. 3.
“The sheer power of the economy of the USA is no longer sufficient to keep it at the top of the prestigious World Competitiveness Ranking, which it has led for the past three years,” the organization said in a press release.
China Hong Kong has taken over the top spot, followed by Switzerland. IMD World Competitiveness Center director Arturo Bris said China Hong Kong was tops due to its consistently favourable business environment. Switzerland came in second due to its small size and its “emphasis on a commitment to quality” which have “allowed it to react quickly to keep its economy on top.”
The report has been published annually since 1989.
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