Switzerland is Europe’s most competitive nation, coming fourth in the annual global ranking of the Lausanne-based IMD business school.
The small Alpine nation climbed from fifth to fourth place in the 63-country competitiveness ranking. It was helped by economic growth, the stability of the Swiss franc and high-quality infrastructure, IMD said on Tuesdayexternal link.
Switzerland was ranked top for university and management education, health services and quality of life, it added.
Singapore was judged the world’s most competitive economy for the first time since 2010, as the United States slipped from the top spot.
Singapore got top marks thanks to its advanced technological infrastructure, the availability of skilled labour, favorable immigration laws, and efficient ways to set up new businesses, IMD said. Hong Kong held on to second place, helped by its tax and business policy environment and access to business finance.
The IMD World Competitive Rankings has been carried out every year since 1989. Countries are rated on 235 indicators, two-thirds related to employment and trade statistics and one-third to perceptions gathered in opinion surveys. IMD a leading independent business school based in Lausanne on Lake Geneva.