Global Economic Competitiveness - Singapore, in first place, "dethrones" Switzerland to third
Switzerland has lost its top spot to Singapore in a global economic competitiveness ranking as rising global volatility dented its attractiveness. Switzerland fell to third place in the ranking from business school IMD, which assessed economic performance, business and government efficiency and infrastructure in 70 countries.
Hong Kong came in second, ahead of Switzerland, while Taiwan and the United Arab Emirates were ranked fourth and fifth respectively. The United States came in 10th, with Venezuela last.
Switzerland's decline was largely due to weaker economic performance due to high US tariffs and lower foreign direct investment last year.
The Trump administration hit Switzerland with the highest US tariffs in Europe until a deal was reached in November. Switzerland's consensual approach to governance meant it was slower to respond to crises and was hurt by rising protectionism and weakening globalisation, the study found.
In the current global context where the rule of law has deteriorated, Switzerland has very little protection as a very small country, the report stressed, noting that smaller countries that are not part of larger trading blocs were particularly exposed.
A study last month showed that Switzerland had been overtaken by Hong Kong as a place where wealthy foreigners invest their money. Switzerland is addressing protectionism by pursuing more free trade, he added, citing recent deals with India and the South American bloc Mercosur.
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