Singapore has overtaken the US to become the most competitive nation in the world, according to the World Economic Forum (WEF).
The WEF in its 2019 Global Competitiveness Report measured the strength of 103 key indicators, including inflation, digital skills and trade tariffs, across 141 countries.
The key indicators in the report were organized into 12 pillars, which included institutions, macroeconomic stability and health.
The US, which held the top spot in 2018′s ranking, dropped into second place this year, although the report’s authors noted that it “remains an innovation powerhouse.”
Although the US received the highest score in the world in several subcategories, including ease of finding skilled employees and venture capital availability, the country scored relatively low in some categories, with increasing trade tariffs, declining life expectancy and low digital skills among the American population taking a toll on the US’s overall ranking.
Singapore, named the most competitive economy in the world, scored highly for its public sector, labor force, diversity and infrastructure. On life expectancy, Singapore was ranked number one, with newborn children expected to live until the age of 74.
In comparison, life expectancy in the US is 66 years old, while in China it’s 68.