According to the annual global competitiveness rating made by IMD World Competitiveness Centre, Singapore has overtaken other countries being the most competitive economy in the world.
The return of Singapore to the first place in 2019 was due to the rapid development of technology, the availability of skilled labour force, favourable immigration laws and the simple procedure of new companies registration.
Hong Kong is still in the top-three because of its favourable tax policy and business climate as well as access to the financial market. The United States has slipped by two positions this year. The 4th and the 5th positions were placed by Switzerland and the United Arab Emirates respectively.