US drops out of World Competitiveness top 10; Singapore tops

Singapore, Switzerland, and Denmark topped the 2024 World Competitiveness Ranking by the IMD, with Singapore rising to first due to strong government and business efficiency.

Smaller economies dominated, benefiting from agility in a fast-paced global environment. For the first time, the U.S. dropped out of the top 10, landing at 12th. This is attributed to political polarization and slow legislative processes.

Despite this, it remains the highest-ranked large economy. Europe excelled with six top 10 economies, though major players like Germany, France, and the UK were absent from the top 20.

Article by Felix Richter for Statista. Read more here.