Although Singapore was in the top 5 in the past few years, it has been ranked first in 2024. Multiple reasons have helped Singapore push through to this position.
Switzerland has moved up to the second most competitive economy in the IMD’s 2024 ranking. Its success is attributed to a top-tier education system and significant investment in Research and Development, amounting to CHF 23 billion annually.
Denmark was ranked first in 2022 and 2023. It was ranked third in 2024. Even though there was a decline, it has still managed to have a spot in the top 3 most competitive economies of 2024.
Over the years, Ireland has climbed up on the IMD World Competitiveness Rankings from 11th in 2022 to 2nd place in 2023. They have still held the top spot among the other competitive economies with a fourth place in 2024.
Hong Kong ranks fifth on this list. This is because it is a well-developed free market economy. The taxation in Hong Kong is low as it is independent from mainland China.
Sweden ranks sixth on the competitive scale. It is the third European country on this list. Sweden owes its high ranking to multiple reasons.
The UAE is one of the major players in international trade.There are several factors that has caused it to climb up three ranks from 10th to 7th.
Even though Taiwan has gone down from 6th place in 2023 to 8th place in 2024, it has managed to hold a spot in the top 10 most competitive economies.
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