The US slipped to third place in a ranking of most competitive economies

June 03, 2019

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 annual rankings compiled by Switzerland-based business school IMD. Speaking to CNBC’s “Squawk Box Asia” on Wednesday, Arturo Bris -- director of the IMD World Competitiveness Center -- said the Southeast Asian country had been following a simple “recipe for competitiveness.”

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