The United States tops the rankings in a list of the world's most competitive countries released by the International Institute for Management Development (IMD), an
international business school in Lausanne.
According to The Independent, the annual list of world competitiveness was based on the key factors of innovation, drive, effectiveness of each country's infrastructure and strong business efficiency.
Hong Kong has been ranked second followed by Singapore on the third place, overtaking Switzerland, which dropped down into fourth place.
Canada is on the fifth spot in the list followed by Luxembourg, Norway, Denmark, Sweden and Germany.
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