Technology

Introducing the new most competitive economy in the world (no, it’s not China)

The United States is a superpower in many aspects, especially in terms of economy, and for quite a while, it has held the title of being the most competitive economy in the world. However, according to the IMD World Competitiveness Rankings, Uncle Sam has finally been dethroned by one of the most technologically advanced and fastest developing nations in Asia – Singapore.

This rise can be attributed to the immense availability of skilled labor in Singapore, as well as favorable immigration policies that enable an influx of foreign labor, and a boost in advanced technological infrastructure.

The US has dropped down to third on this list, which isn’t surprising to watchful economists considering the increasing fuel prices, weaker high-tech exports, and uncertainty in the value of the dollar. Furthermore, President Donald Trump’s tax policies have hardly had a long-term positive impact that was being expected.

Hong Kong continues to hold its ranking as the second most competitive economy in the world, courtesy of relaxed taxation and business policy environment coupled with easy unhindered access to business finance.

Arturo Bris, Director of IMD World Competitiveness Rankings, explained the results with the stability of existing institutions. He said, “In a year of high uncertainty in global markets due to rapid changes in the international political landscape as well as trade relations, the quality of institutions seems to be the unifying element for increasing prosperity. A strong institutional framework provides the stability for business to invest and innovate, ensuring a higher quality of life for citizens.

Economic competitiveness matters, simply because economists regard it as an essential contributor the long-term health of a country’s economy since it empowers businesses to achieve stable growth, generate jobs and improve the overall standard of living for citizens.

Here is the full list released by IMD:

Sponsored
Hamza Zakir

Platonist. Humanist. Unusually edgy sometimes.

Leave a Comment
Share
Published by
Hamza Zakir
Tags: Pakistan

Recent Posts

Microsoft Launches AI-Powered “Support Virtual Agent” for Xbox Users

Microsoft has launched its AI-powered “Support Virtual Agent” chatbot for Xbox Insiders in the U.S.,…

12 hours ago

Musk Says Tesla Won’t Enter Smartphone Market Unless Necessary

Android Authority recently polled its users to find out if they would purchase a Tesla…

13 hours ago

Sukkur IBA Sets Seven Conditions for Conducting MDCAT

The Secretary of the Sukkur IBA Testing Agency has formally requested urgent action from the…

13 hours ago

PSEB Opens Bidding for Nationwide e-Rozgar Centers

The Pakistan Software Export Board (PSEB) has launched a nationwide program to encourage IT startups…

13 hours ago

Google Play Services Bug Disrupts Access to Apps for Pixel Users: Here’s How to Fix It

A significant issue with Google Play Services has left many Pixel users unable to access…

14 hours ago

WhatsApp Beta Partners with Google for Innovative Image Search Feature

When it comes to Android messaging apps, WhatsApp stands out as one of the best.…

14 hours ago