Hong Kong may have lost top spot to the United States, but the Asia-Pacific region has again been awarded high marks in the latest IMD world competitiveness rankings. However, the Swiss business school’s annual study of the world’s top 60 economies also had a message for economists: austerity does not equate to competitiveness.
Announcing the results on May 29th, Prof. Stephane Garelli, director of the IMD World Competitiveness Center, said in a statement: “While the eurozone remains stalled, the robust comeback of the U.S. to the top of the competitiveness rankings, and better news from Japan, have revived the austerity debate. Structural reforms are unavoidable, but growth remains a prerequisite for competitiveness.