FX.co ★ US is no longer world's most competitive economy

The US economy is predictably heading for collapse. While other leading economies of the world are successfully breaking through financial challenges, the United States has slipped to the third place among the world's most competitive economies. According to the new annual ranking compiled by the Swiss business school IMD, the country fell two spots and was rated third on the list. Notably, the United States used to take the top rank for a short time, just one year. The US economy failed to become the most competitive one thanks to higher fuel prices, weaker high-tech exports, and sharp fluctuations in the value of the dollar as explained by the authors of the ranking.

Under the new version, the top ten most competitive economies includes the following countries: Hong Kong, Switzerland, the United Arab Emirates, the Netherlands, Ireland, Denmark, Sweden, and Qatar. Russia is located at the 45th position on the list. However, in the ranking of 2018 published on an annual basis by the World Economic Forum, Russia was ranked 43rd, while the United States took the first place.