Are we tired of winning yet?
The U.S. dethroned Hong Kong to retake first place among the world’s most competitive economies, thanks to faster economic growth and a supportive atmosphere for scientific and technological innovation, according to annual rankings by the Switzerland-based IMD World Competitiveness Center.
The U.S., which reclaimed the No. 1 spot for the first time since 2015, scored especially well in international investment, domestic economy and scientific infrastructure sub-categories while earning below-average marks in public finance and prices.
The renewed top ranking aligns with the positive U.S. growth narrative over the past year. Growth averaged 2.9 percent in the four quarters through March, versus 2 percent in the prior period.
IMD used 258 indicators on economic performance, government efficiency, business efficiency and infrastructure, and gave weight to “hard” data, including trade statistics, twice as heavily as “soft” sentiment data. The group has published the results every year since 1989.