The Netherlands has slipped out of the top five in the latest edition of the World Economic Forum's ranking of the world's most competitive economies.
United States led the index with an 85.6 score, folowed by Singapore at 83.5 and Germany at 82.8. Each indicator uses a scale from 0 to 100, to signify how close an economy is to the ideal state or "frontier" of competitiveness.
In the World Economic Forum's annual report, it was ranked eighth out of 140 economies, compared with sixth out of 135 a year ago.
The last time the US topped the list was 2008.
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The report argues that numerous key factors that will drive future economic growth, such as idea generation, entrepreneurial culture, openness and agility, have not yet been the focus of major governmental policy making. The US scores 85.6 in total, ahead of Singapore (83.5), Germany (82.8), Switzerland (82.6), Japan (82.5), the Netherlands (82.4), Hong Kong (82.3), the United Kingdom (82.0), Sweden (81.7) and Denmark (80.6) in the top ten. "America's vibrant entrepreneurial culture and its dominance in producing a competitive labor market and nimble financial system 'are among the several factors that contribute to making the U.S.' innovation ecosystem one of the best in the world'".
Singapore is the most "future-ready" economy, according to the report, while Sweden has the most digitally skilled workforce.
Russian Federation topped the competitive table among Eurasian economies and came second behind China among the BRICS nations. "It ranks first overall in the world in three of our twelve pillars; business dynamism, labour markets and financial system". I foresee a new global divide between countries who understand innovative transformations and those that don't.
The Philippines also ranked low in terms of business dynamism, especially in the amount of time it takes to start a business, the cost of starting a business, and in insolvency recovery rates.