Switzerland lost its position as the world’s most competitive economy to Singapore, slipping to third place in the ranking as high US trade tariffs and a strong Swiss franc hurt investment flows.
While Switzerland remained the highest-ranked European nation, it was also leapfrogged by Hong Kong in the 2026 IMD World Competitiveness Ranking published on Thursday. Business efficiency was key to Singapore rebounding to first place, a position it last held in 2024.
The IMD said Switzerland’s decline underscores how even the world’s strongest economies remain vulnerable to shifting capital flows and heightened geopolitical uncertainty. The setback comes as Switzerland ...
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