India slips to 45th spot in IMD's World Competitiveness list

India has been ranked 45th, down four notches from last year, in terms of competitiveness in the annual rankings compiled by IMD which saw Hong Kong topping the list. US was pushed out of the top three slots while Hong Kong consolidated its dominance of the annual rankings for the second year in the list compiled by the International Institute for Management Development's (IMD) World Competitiveness Center.

Switzerland and Singapore were ranked second and third respectively, with the USA at the fourth spot - its lowest position in five years and down from third last year. The IMD World Competitiveness Center is a research group at IMD business school in Switzerland. It has been publishing the rankings every year since 1989. This year's list comprises 63 countries with Cyprus and Saudi Arabia making their first appearance.