For almost two years, President Trump has worked on keeping his campaign promises and reshaping American trade internationally, and the results have been immediate.
Now, Trump’s pro-business policies have the United States back in competition with some of the most powerful countries, and recently, the US overtook Hong Kong and Singapore to become the world’s most competitive economy.
The U.S. dethroned Hong Kong to retake first place among the world’s most competitive economies, thanks to faster economic growth and a supportive atmosphere for scientific and technological innovation, according to annual rankings by the Switzerland-based IMD World Competitiveness Center.
Hong Kong, scoring first in categories for government and business efficiency, held an edge over regional rival Singapore, which kept its No. 3 spot from 2017. Rounding out the top five were the Netherlands, which jumped one spot, and Switzerland, which tumbled three slots as it endures a slowdown in exports and concerns about its potential relocation of research and development facilities.
The U.S., which reclaimed the No. 1 spot for the first time since 2015, scored especially well in international investment, domestic economy and scientific infrastructure sub-categories while earning below-average marks in public finance and prices.
The renewed top ranking aligns with the positive U.S. growth narrative over the past year. Growth averaged 2.9 percent in the four quarters through March, versus 2 percent in the prior period.