Hungary has advanced two places in the IMD competitiveness ranking, climbing up to 46th place, it has been reported.
The USA has surrendered its status as the world’s most competitive economy after being overtaken by China Hong Kong and Switzerland, according to the International Institute for Management Development World Competitiveness Center.
In the 2016 ranking of 61 powerful countries from around the globe, Hungary ranks a respectable 46th, two places up from last year.
The IMD World Competitiveness Center, a research group within IMD business school, has published the ranking each year since 1989 and it is widely regarded as the foremost annual assessment of the competitiveness of countries.
The 2016 edition ranks China Hong Kong first, Switzerland second and the USA third (it ranked first last year, followed by Hong Kong and Singapore), with Singapore, Sweden, Denmark, Ireland, the Netherlands, Norway and Canada completing the top 10.
Read more here.