U.S. and Hong Kong were named as the most competitive countries in the world in the “2011 World Competitiveness Yearbook”, released by the Lausanne-based Institute for Management Development (IMD).

Last year’s winner Singapore slipped two spots to rank as the third most competitive country in the ranking. Sweden jumped to 4th place, highlighting the competitiveness of the Nordic model. Germany gained 6 ranks to 10th position thanks to buoyant exports and a more flexible labor market.

Hong Kong leads the list as its financial market development, quality of its transport, energy, and telephony infrastructure are simply outstanding. The overall competitiveness of the US was “rescued” by its business efficiency.

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