The country has climbed up a spot from fifth to fourth in new world global ranking compiled by the Lausanne-based IMD business school.
“Switzerland’s current ranking is a result of its economic growth, the stability of the Swiss franc and high-quality infrastructure,” said a statement released by the IMD. “Switzerland was ranked top for university and management education, health services and quality of life.”
Singapore was ranked first, as the world’s most competitive economy, for the first time since 2010, beating the United States which slipped from the top spot to the third.
Hong Kong was ranked second place, helped by its tax and business policy environment and access to business finance.
Image source: IMD Twitter page
Image Source: IMD.org
The IMD World Competitiveness Rankings was established in 1989 and incorporates 235 indicators from each of the 63 ranked economies.
The IMD ranking takes into account statistics such as unemployment, GDP and government spending on health and education, as well as an opinion survey covering topics such as social cohesion, globalization, and corruption.
In 2018, the Local reported the United States beat Switzerland to the top spot as the world's most competitive and innovative economy, in the World Economic Forum after a methodology shift which resulted in Switzerland losing its spot after nearly a decade on top.