Switzerland Topples Singapore In IMD's World Competitiveness Ranking

Switzerland has unseated Singapore as the world's most competitive economy for the first time in the 33-year history of the IMD's ranking

MOSCOW (UrduPoint News / Sputnik - 17th June, 2021) Switzerland has unseated Singapore as the world's most competitive economy for the first time in the 33-year history of the IMD's ranking.

"Switzerland has been competing with Singapore in recent years but the latter has suffered significantly on an economic level during the pandemic, as it depends on the export and import of services and on people's mobility," the report found.

Arturo Bris, the director of the IMD World Competitiveness Center, said the Alpine nation enjoyed the benefits of being a European country while maintaining independence from the European Union.

Other countries that topped the ranking were not members of the EU's single Currency area.

The IMD World Competitiveness Ranking of 64 nations saw Sweden edge up to the second place from the sixth spot it occupied last year. Denmark was in third place, followed by the Netherlands and Singapore, which took a tumble from the number one spot it had held for two years.

The United States maintained its foothold in 10th place, China was up from 20th place to 16th, while the United Kingdom shuffled up one spot to 18th. Russia rose from 50th place to 45th and Venezuela brought up the rear.