Australia In The Top 5 Rising Economies In The World

Australia is the fifth most competitive economy in the world according to the annual report published by World Competitiveness Yearbook study.

Joining Australia in top 5 are Singapore, which is in 1st spot, Hong Kong in 2nd and USA in 3rd. They are so close, however, that it would be better to define them as the leading “trio”. Switzerland is in 4th spot of the top 5. Australia’s has benefited from strong demand in Asia and this has helped it’s excellent position.

The study on yearbook was based on 328 criteria among 58 leading economies which measured how these nations have created and maintained conditions that heavily favored business and investments. The US has been topping the list for the past 16 years.

This year, Singapore and Hong Kong have overtaken the US economic giant to the top of the list. Although the leading three remain very close, the Switzerland-based IMD business school, publisher of the yearbook, says. “Standings as merely separated by hairline figures.”

Next to the top 5 was Sweden on 6th, Canada on 7th, Taiwan on 8th, Norway on 9th and Malaysia on 10th place. China continued its rise in the survey, reaching 18th and highlighting that it is no longer dependent on foreign markets buying up its cheap exports. It led fellow emerging economies. Ireland is in 21st position, dropping 2 places since last year. The UK is in 22nd position, India in 31st, Brazil in 38th, and Russia in 51st.

Venezuela ranked last for the fifth year in a row, preceded by Ukraine, Romania, Argentina and Croatia.

Debt-laden Greece actually improved in the 2010 ranking, rising six places to 46th.