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Singapore knocks down US to become the world’s most competitive economy

SINGAPORE: The World Economic Forum’s annual competitiveness report has given Singapore the top spot, knocking down the United States to second position among 141 countries.

The index, published on Wednesday, scrutinized countries’ economic competitive landscape, measuring factors such as macroeconomic stability, infrastructure, labour market and innovation capability.

The Asian city state beat the world, scoring top marks for its infrastructure, health, labour market and financial system.

Though, the United States lost to Singapore at an overall, “it remains an innovation powerhouse”, according to the report.

Hong Kong and the Netherlands rose four and two places respectively, to acquire the third and fourth position on the index.

The latest WEF Global Competitiveness Report has put Australia in the 16th place, down two places (14th place) from 2018, while the German economy slid down four places to assume the 7th position this year.