While major countries vie for economic dominance, smaller nations could actually be more effective locations for individuals to work and do business in, according to a new report.
The U.S. and China both flopped in the 2020 World Competitive Ranking from the Institute for Management Development (IMD) as ongoing trade tensions continue to weigh on their international standing making way for smaller economies.
Singapore maintained its top spot for the second year running, while Denmark jumped six places to steal second position. The top five was rounded out by fellow European risers Switzerland (3rd) and the Netherlands (4th). Hong Kong (5th) fell three spots from 2019.
The U.S. (10th) and China (20th), meanwhile, fell seven and six places respectively.
The top 10 most competitive places in 2020: