IMD ranks U.S. top spot in competitiveness

LAUSANNE, Switzerland, May 21 (UPI) -- The U.S. economy held its No. 1 spot in the annual World Competitiveness Yearbook ranking, the IMD business school reported.

The broad-sweeping index of economic strength includes measures of the domestic economy, international investment and trade, employment, public finance, research and development, health, the environment and management practices.

The U.S. ranking was a surprise given a year of negative economic news in which the United States played a major role, said Professor Stephane Garelli, Director of the IMD World Competitiveness Center in Lausanne, Switzerland.

On the other hand, "long-established" economies were apt to provide stronger resistance to the downturn, he said.

The index moved Hong Kong up one spot to No. 2., while Singapore dropped to No. 3. Switzerland stayed at the No. 4 spot, while Denmark moved up one to No. 5.

Germany, the largest economy in Europe, moved up three spots to No. 13. Japan, the world's second largest economy moved up five spots to No. 17.

China dropped three spots to No. 20.