Australia is among the world's top five most competitive economies, an annual survey says.
The World Competitiveness Yearbook study lists 58 economies according to 328 criteria that measure how the nations create and maintain conditions favourable to businesses - a formula that has favoured the US for 16 years.
But this year, Singapore, Hong Kong has surpassed the US to top the list, while Switzerland and Australia round out the top five.
But the leading three remain very close, the study's publisher says.
"They are so close in the rankings, that it would be probably better to define them as a leading trio," said Stephane Garelli, professor at the Lausanne, Switzerland-based IMD business school, publisher of the World Competitiveness Yearbook.]
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
US well placed despite problems
Despite high unemployment and debt, and continued market instability, the US was better placed than European nations and others to attract new investments and help companies grow.
"The US has weathered the risk of the financial and economic crises thanks to the sheer size of its economy, a stronger leadership in business and an unmatched supremacy in technology," Garelli said.
After Switzerland and Australia, came Sweden, Canada, Taiwan, Norway and Malaysia.
China continued its rise in the survey, reaching 18th and highlighting that it is no longer dependent on foreign markets buying up its cheap exports. It led fellow emerging economies India, 31; Brazil, 38; and Russia, 51.
Debt-laden Greece actually improved in the 2010 ranking, rising six places to 46th.
Venezuela ranked last for the fifth year in a row, preceded by Ukraine, Romania, Argentina and Croatia.
