America is officially the most competitive country in the world

In what may come as no shock to anyone, America has topped the rankings on a list of the most competitive countries in the world.

The International Institute for Management Development (IMD) – an international business school in Lausanne – has released its annual list of world competitiveness according to the key factors of innovation, drive, effectiveness of each country's infrastructure and strong business efficiency.

Hong Kong moved up, hot on the heels of the USA, to second place, with Singapore in third, overtaking Switzerland, which dropped down into fourth place.

Canada came in fifth, followed by Luxembourg, and Norway, Denmark, Sweden and Germany were all in the top ten.

Results for Asia, however, were more mixed - with Malaysia, Japan, Thailand and Indonesia all moving down in the rankings.

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