Kazakhstan falls in IMD World Competitiveness rankings

The Central Asian republic lost 13 spots and slid from №34 to №47.
China Hong Kong (№1) and Switzerland (№2) unseated the U.S. as the world's most competitive economies.
Russia slightly improved its standings by moving one spot up to №44. The ranking features 61 countries with Venezuela at the bottom of the IMD World Competitiveness Scoreboard 2016.
The IMD World Competitiveness Center, a research group within IMD business school, has published the ranking each year since 1989. It is widely regarded as the foremost annual assessment of the competitiveness of countries.