Singapore is the 2nd Most Competitive Country in the World

America first

Other top economies included Switzerland, Japan and the Netherlands.

"Economic recovery is well underway, with the global economy projected to grow nearly 4% in 2018 and 2019", the report stated, adding that "recovery remains vulnerable to a range of risks and potential shocks".

New Zealand has dropped two positions on the Global Competitiveness Index, slipping from 16th previous year to 18th in the latest rundown.

According to the report, which in 2018 uses a brand new methodology to fully capture the dynamics of the global economy in the Fourth Industrial Revolution, numerous factors that will have the greatest impact in driving competitiveness in the future have never been the focus of major policy decisions in the past.

In total, 31 world's economies rank first in this category.

Bangladesh's competitiveness has been weakened in most of the indicators (both in rank and score).

The United States scored an average of 85.6 points out of 100 on the measurement of all 98 indicators.

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According to the report, one unifying theme among the world's most competitive economies is that they all possess considerable room for improvement.

Singapore came in second, heralded for its infrastructure and openness as a global trading hub. Europe's largest economy, Germany, has a strong ability to mater business innovation processes - resulting in macroeconomic stability, worker skills, business dynamism, and overall innovation capability. Nearly 30 points and 80 ranks separate the United States from Argentina, the worst performing economy of the group. This could be due to the reason that as Asian markets are opening up more to the world, European nationalism is closing their markets in the other hand. Saadia Zahidi, a member of the WEF's managing board, said that beyond technology, nations must invest in "people and institutions to deliver on the promise of technology".

The Index shows New Zealand dropping from 16th place globally in 2017 to 18th place in 2018.

However, WEF noted the corelation between protectionist policies of the Trump administration and US' top position on the index.

The report makes a pitch for the importance of "openness" at a time of rising trade tensions and increasing protectionist or isolationist impulses in some parts of the globe - notably the West.

For infrastructure, the report said the Philippines lagged behind in road connectivity (129th), exposure to unsafe drinking water (101st), efficiency of train services (100th), and electrification rate (100th). Its central finding is that the new wave of digital technologies creating fresh policy challenges for governments runs the risk of impacting global growth and productivity in the near future.

"With opportunities for economic leapfrogging, diffusion of innovative ideas across borders and new forms of value creation, the Fourth Industrial Revolution can level the playing field for all economies".

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