The United States is now the second-most competitive economy in the world, climbing to an eight-year high in global rankings, according to an analysis published Tuesday by the World Economic Forum.
The latest edition of the Global Competitiveness Report, an annual ranking of 137 economies based on data from international financial institutions, moved the United States up from the No. 3 position to second place, just behind Switzerland.
Singapore, the Netherlands and Germany rounded out the top five spots.
“The strength of the United States comes from its performance in efficiency enhancers and innovation and sophistication factors,” wrote economists Klaus Schwab and Xavier Sala-i-Martín for the WEF, a Swiss group focused on promoting growth worldwide.
China crept up the rankings, as well, inching from 28 to 27, thanks to technological advances and reduced barriers to starting a business in the country.
India moved from 39th place to 40th but showed improvements in infrastructure and education, with more students connecting to the Internet, the report said
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