City trails first-place Singapore out of 70 economies surveyed by Switzerland-based International Institute for Management Development.

(Bloomberg) -- Switzerland lost its position as the world’s most competitive economy to Singapore, slipping to third place in the ranking as high US trade tariffs and a strong…

China ranked 12th on the list, despite a decline in economic performance, weak domestic demand and concern over foreign market access.

City trails first-place Singapore out of 70 economies surveyed by Switzerland-based International Institute for Management Development.

Hong Kong came in second and Taiwan was fourth in IMD’s World Competitiveness Rankings this year.