The IMD Swiss Business School published an annual ranking of competitive economies based on tracking the progress of countries in digitization based on statistics and surveys in 63 countries around the world.
According to the results of current research, Singapore became the owner of the most competitive economy of the world for the first time since 2009, while Hong Kong and the United States took second and third places, respectively.
To compile a rating, states are evaluated according to 20 criteria, which, in turn, are divided into four categories:
- economic efficiency,
- government efficiency,
- business and infrastructure development.
The authors note that Singapore has become a leader mainly due to a developed technological infrastructure, availability of highly qualified personnel, as well as favorable immigration legislation.
Despite the fact that the USA is still setting the global pace of infrastructure development and economic indicators, their own economy suffer from the high fuel prices and fluctuations of the dollar exchange rate, as a result, USA has taken only the third place in the rating.
For the first time during the last 10 years two economies of the Middle East — Qatar and the United Arab Emirates — entered the Top-10. The largest jump of the year belongs to Saudi Arabia, which rose from 13th to 26th place. Ukraine reached 54th place, by rising five positions comparing with 2018. The last position of the rating was occupied by Venezuela with anomalous inflation of 130,060%, the cause of which is a prolonged political and economic crisis.