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The US has surrendered its status as the world’s most competitive economy after being overtaken by China Hong Kong and Switzerland, according to the World Competitive Rankings released on Monday.

The sheer power of the economy of the US is no longer sufficient to keep it at the top of the ranking, which it has led for the past three years, the IMD World Competitiveness Center said in a statement.

The 2016 edition ranks China Hong Kong first, Switzerland second and the US third, with Singapore, Sweden, Denmark, Ireland, the Netherlands, Norway and Canada completing the top ten.

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