For a long time, the United States was ranked as having the world’s most competitive economy, according to the Swiss-based IMD World Competitiveness Center. But we fell behind Singapore and Hong Kong in 2010.
But at least the U.S. stayed in the top five for several years, which was a decent result.
Unfortunately, the U.S. then fell further back during the Trump years.
And, as you can see from this graphic, America continues to languish during the Biden years.
To read the full report and see all the data, click here.
While my main focus is America’s decline, it is also interesting to see what’s happening with other nations.
- It’s sad (but not surprising) to see Hong Kong’s decline.
- It’s predictable that Switzerland ranks near the top.
- Same with Singapore.
- And Taiwan.
- It is surprising (but not too surprising) to see Denmark on top.
They are not shown in the above graphic, but nobody should be surprised that the last-place nation is Venezuela. Or that Argentina is the next-to-last country.
P.S. The IMD report does not measure economic liberty, though there is a correlation with the IMD results and the results from Economic Freedom of the World and the Index of Economic Freedom.
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Image credit: Pixy.org | CC0 Public Domain.
