New research by the International Institute for Management Development (IMD) in Switzerland has ranked the world's most competitive economies for 2024.
The ranking divides its data into four areas: economic performance, government efficiency, business efficiency, and infrastructure.
The top 10 is dominated by smaller economies – a reflection that economic competitiveness is not only a question of size. Researchers say those with the ability to adapt with changing economic conditions rank well.
"We believe the most competitive economies of the future will be those able to anticipate and adapt to this changing global context while simultaneously creating value and well-being for their people.," said Arturo Bris, director of the IMD World Competitiveness Centre, which has been behind the annual ranking since its inception in 1989.
Click through to see where Australia ranks.
Singapore has made a comeback in ranking, reclaiming first place after a brief sojourn outside it (but still inside the top five) from 2020 to 2023.
The city state owes its comeback to a robust performance across all four competitiveness factors, particularly government efficiency and business efficiency, reflecting robust private and public sectors.
Banking powerhouse Switzerland has made progress thanks to its improved economic performance and business efficiency.
The European nation also continued lead in government efficiency and infrastructure.
Denmark has dropped to third due to a fall in economic performance.
But researchers said the shift was "insignificant" as the country remains a poster child of competitive economies.
The economy of Ireland fell to fourth spot for competitiveness.
But researchers consider it something of a special case, boosted by investment coming from the many international headquarters based there.
Despite debate about Hong Kong's standing as an international financial centre it ranks well.
The territory moved up two places for 2024.
Sweden's heavily export-orientated economy came in at sixth place.
The Scandanavian nation can draw on extensive resources of timber, hydropower and iron ore.
The United Arab Emirates jumped three places to seventh spot for 2024.
Strategically placed in the Middle East, it has benefitted from rising energy prices since the Ukraine war began two years ago.
Despite living under the shadow of economic powerhouse China, the economy of Taiwan was ranked eighth most competitive.
The island territory has a thriving manufacturing sector, producing key microchips for the global tech sector.
The Netherlands' advanced economy dropped to ninth place.
Shaking off the effects of inflation, it continues to perform well in manufacturing, logistics and trade.
The energy-rich economy of Norway climbed four places in 2024 to round at the top 10.
The north-western European country has a competitive mix of state and private enterprises, including the North Sea oil and gas sectors.
Production of goods and services related to petroleum, petrochemicals, and aluminium has powered the economy of Qatar.
This year it rose three places to seventh spot.
The world's biggest economy was ranked twelfth for international competitiveness.
Despite the threat of inflation, the economic powerhouse has enjoyed strong growth and a surging exports sector.
Resources-rich Australia comes in at 13th place, it best ranking since 2011.
The Committee for Economic Development of Australia think-tank says the high rating was based on sronger business and government investment, population growth and improved budget bottom line.
Manufacturing giant China was in fourteenth place.
The country experienced rapid growth and development in recent decades and has become an essential player trade, investment, innovation, and geopolitics.
Coming in at 15th place is the northern European country Finland.
It has recovered from the impact of recession and boasts a strong economy composed of private companies and state-owned enterprises.