According to an annual report from Switzerland-based International Institute for Management Development (IMD), Singapore has overtaken the US as the most competitive economy in the world, which was the first time to reach the top since 2010. Hong Kong kept its position in second place while and the US fell to the third one from the top.
The hike in Singapore’s ranking was due to the country’s advanced technology infrastructure, good labor supply, advantageous immigration laws and convenient business. Hong Kong benefited greatly from its tax and business environment as well as the convenient financing channel.
On the other hand, the US’ retrogression was because the country was impacted by rising fuel prices, weaker high-tech products exports and volatility of US dollar volatility. Besides, the market confidence driven by the US’ president’s first duty cut policy has also gradually vanished.
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—The 20th China(Guangzhou)Int’l Heat Treatment, Industrial Furnace Exhibition
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