Singapore rated world's most competitive economy

May 30 (UPI) -- Singapore took the top spot as the world's most competitive economy led by an advanced technological infrastructure, a skilled workforce, favorable immigration laws and a good business climate.

The United States got knocked out of the top spot to number three on the list of IMD World Competitiveness Rankings 2019.

Excitement over President Donald Trump's tax polices has faded as value of the dollar fluctuated, high-tech exports were weaker and fuel prices rose.

"In a year of high uncertainly in global markets due to rapid changes in the international political landscape as well as trade relations, the quality of institutions seems to be the unifying element for increasing prosperity," said IMD professor and director of IMD World Competitiveness Center Arturo Bris. "A strong institutional framework provides the stability for business to invest and innovate, ensuring a higher quality of life for citizens."

The top five most competitive economies are Singapore, Hong Kong, United States, Switzerland and United Arab Emirates. Some countries making the biggest gains in 2019 were Ireland, up five spots; Qatar, four spots; Iceland, four spots; Thailand, five spots; Saudi Arabia, 13 spots; and Indonesia 11 spots.

Countries that declined in 2019 include Japan, fvie spots; Poland, four spots; Portugal, six spots; Turkey, five spots; and Argentina, five spots.