The world is not about to come to an end. But the U.S. has gone from 1st to 3rd in the IMD World Competitiveness global rankings.
CNBC noted these bullets from IMD’s research.
- For the first time in nine years, Singapore surpassed the United States and Hong Kong to clinch the title of the world’s most competitive economy, according to IMD’s 2019 World Competitiveness Rankings.
- Singapore’s immigration laws, advanced technological infrastructure, availability of skilled labor and efficient ways to set up new businesses helped it advance to the top, the Switzerland-based business school found.
“In a year of high uncertainty in global markets due to rapid changes in the international political landscape as well as trade relations, the quality of institutions seem to be the unifying element for increasing prosperity,” Arturo Bris, an IMD professor and director of the World Competitiveness Center, said in a statement, per Fox Business.
What neither Fox nor CNBC noted is that China and Canada have slipped in this index too.
To determine the results, the study incorporates 235 indicators from each of the ranked 63 economies, taking into account statistics like unemployment, Gross Domestic Products (GDP) and government spending on health and education, as well as issues like social cohesion, corruption and globalization.
The Asia-Pacific region emerged as a contender for competitiveness, with 11 out of 14 economies either improving or holding their ground, led by Hong Kong and Singapore. Indonesia leaped 11 spots to 32nd — the biggest improvement in the region, thanks to increased more efficiency in the government sector and improved infrastructure.
Conversely, competitiveness across Europe has struggled to gain ground. Uncertainty over Brexit sent the United Kingdom down three spots, from 20th to 23rd. The biggest climber for the region was Ireland, which rose five places to 7th as business conditions improved.
The top 20 most competitive economies, according to IMD.
- Hong Kong SAR
- United States
- United Arab Emirates
- Taiwan, China
Bloomberg framed it through the lens of India’s global ranking in their video below.
The entire list is shown below.
What these sources should note is that U.S. is significantly ahead of China, Canada, Germany and other larger global competitors. The U.S. dwarfs Russia in competitiveness by some 42 spots in this ranking.
Let’s note that in October 2018 a different report showed the U.S. ‘returning’ to the top spot.
The point in part is that the Daily Business News on MHProNews isn’t examining which of these reports is better. One global research report showed the U.S. rising under the “Trump economy,” another now claims the nation is sliding modestly. Either way, the U.S.A. is near the top.
At the bottom of the list is Mongolia and Venezuela. Imaging, Venezuela – once one of the most prosperous nations in Latin American, with huge oil reserves – among other natural resources – a decade of socialism has put it at the bottom of the barrel.
The U.S. isn’t perfect, but it is better than many other options. Such research should remind business professionals of that reality. The overall economic climate is the best in years, as consumer confidence, low unemployment, and other measures reflect. The graphic below from our recent analysis report that focused on industry supplier, Patrick (PATK).
The manufactured home industry – in this overall fine economic climate – ought to be doing far better, given the millions of affordable housing units needed.
There is a mixed bag influencing the industry, which presents challenges and opportunities in disguise. To learn more, see the related reports, further below. That’s this afternoon’s edition of “News through the lens of manufactured homes, and factory-built housing” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)
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