The United States has once again topped the Global Competitiveness Ranking released by the World Economic Forum. Singapore, Germany, Switzerland, and Japan completed the top 5.
This year's rating was based on how well a particular economy could adapt to the Fourth Industrial Revolution. The United States' ranking indicated that it has the highest potential to thrive in a highly technological future.
This year's ranking defines "competitiveness" as the ability of a country to sustain higher incomes, balance socioeconomic conditions, and promote life satisfaction. Each of the countries was assessed against 12 pillars which included human capital, agility, resilience, openness, and innovation.
This year became the first time since the Great Recession that the United States was ranked with the most competitive economy.
The country scored 85.6 out of 100 to top index. Its best scores were in its entrepreneurial culture, labor market, and the financial system.
The result of the ranking coincided with the release of the Job Openings and Labor Turnover Survey that found U.S. job opening hitting an all-time high of 7.1 million in August.
The report showed that the job openings were more than the number of people who are looking for jobs. Specifically, job hunters stood at 6.23 million for the month of August, falling to 5.96 million in September.
The job opening rate was pegged at 4.6 percent with the highest vacancy in the federal government. The number of hires for the month of August has also reached a series high of 5.8 million at an amazing rate of about 3.9 percent.
The country's Labor Department said the report indicated that there is now more than one job opening for each of the unemployed American.
Still, the report from the World Economic Forum noted several areas for improvement. The United States lagged behind other advanced economies with regard to public health. The country currently has a life expectancy of 67.7 years. It also lagged behind in terms of effective checks and balance management, judicial independence, and stopping corruption.
Oliver Cann, head of media content for World Economic Forum, warned that this year's result could dramatically change for the United States in 2019. Factors that could impact the country's present ranking include trade tariffs, falling confidence in the independence of the justice system, growing income gap, and an environment where companies struggle to hire foreign talents.
"The real challenge lies in maintaining this position tomorrow," Cann warned.
Meanwhile, the countries with lowest competitiveness ranking include Haiti, Yemen, and Chad.
