The United States no longer has the world’s most competitive economy.
Singapore overtook the US in the annual IMD World Competitiveness Ranking. The list incorporates 235 data points, including GDP, government spending, corruption level, and unemployment.
Singapore also tied with Paris and Hong Kong as the world’s most expensive city earlier this year, according to the Worldwide Cost of Living report. The country has among the world’s lowest corporate tax rates at 17%.
The US moved down the list due to higher fuel prices, weakening exports, and fluctuations in the value of a dollar, the IMD World Competitiveness Center stated in a release.
Singapore, along with other Pacific Asian countries, moved up the ranking due to advanced technological infrastructure and policies that support businesses.
Here are the 25 countries with the most competitive economies, ranked: