No 10 UAE

Fireworks explode from the Burj Khalifa in Dubai, United Arab Emirates (UAE), on Jan 1,2017. [Photo/VCG]

China's Hong Kong has ranked first on the world's most competitive economies list for two consecutive years. The United States, however, fell out of the top 3 this year, according to the International Institute for Management Development (IMD) in Lausanne.

The list consisted of ranking 63 economies based on 260 indicators – two thirds of which came from hard data, such as national employment and trade statistics, and the remaining third was from more than 6,250 responses to an Executive Opinion Survey, which measured the business perception of issues, including corruption, environmental concerns and quality of life.

The 10 most competitive economies in the world are listed below: