US Loses Status of World's Most Competitive Economy to Hong Kong

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The United States has lost its world’s most competitive economy status to China Hong Kong and Switzerland, a report by the IMD World Competitiveness Center research group revealed.

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MOSCOW (Sputnik) — According to the report, Singapore, Sweden, Denmark, Ireland, the Netherlands, Norway and Canada followed by China's Hong Kong, Switzerland and the United States in the top ten of the world's most competitive economies.

The US economy was ranked first by the researcher in three past years in a row.

The IMD center has been publishing its rankings annually since 1989, assessing more than 340 criteria based on four main factors, namely economic performance, government and business efficiency, as well as infrastructure.

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