GENEVA — The U.S. has retained the top position as the world’s most competitive economy in 2015, as a result of its strong business efficiency and financial sector, and its strength in innovation, according to a global survey published Wednesday.
The report placed Hong Kong second behind the U.S., and Singapore third. China ranked 22nd, up one slot from 2014, and India was unchanged at 44th.
The survey also shows Canada moved up two spots to fifth, and that Mexico edged upward two slots to 39th. The study also reveals fashion powerhouse Italy enhanced its ranking by eight slots to 38th, while major apparel exporter Turkey remained unchanged at 40th.
“A general analysis of the 2015 rankings shows that top countries are going back to basics,” said Arturo Bris, director of the Lausanne, Switzerland-based IMD World Competitiveness Center.
“Productivity and efficiency are in the driver’s seat of the competitiveness wagon,” Bris said. “Companies in those countries are increasing their efforts to minimize their environmental impact and provide a strong organizational structure for the workforce to thrive.”
The IMD’s “World Competitiveness Yearbook 2015,” which ranks 61 national economies on the basis of more than 300 criteria, about two-thirds based on statistical indicators, and one-third on an exclusive IMD survey of 6,234 international executives, notes that nine of the top 10 countries are also listed in the top 10 in the business efficiency factor.