For the 1st time in the 9 years, Singapore has dethroned the US to become the most competitive economy in the world. Hong Kong stands at the 2nd place. The US has fallen behind because of higher fuel prices, weakening exports, and fluctuations of the dollar value. The Asian countries, on the other hand, have improved on infrastructure and business policies. India has improved by 1 rank since 2018 and stands at a 43rd position now.