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Singapore Dethrones U.S. as World's Most Competitive Economy

Jeenah Moon/Bloomberg

Singapore leapfrogged Hong Kong and the U.S. to take the top spot among the world’s most competitive economies for the first time in nine years, Bloomberg reports.

The city state’s advanced technological infrastructure, availability of skilled workers, favorable immigration laws, and efficiency for starting businesses supported its rise to the No. 1 spot, the Switzerland-based IMD Business School said in its annual rankings.

The U.S. fell two spots as the confidence boost from tax cuts faded and high-technology exports weakened.

 

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