The IMD Business School has again conducted its study of global competitiveness and as a result Australia has fallen further down the ladder to 18th place. In 2009 we were ranked 5th. There were 61 economies included in the study. The USA remains at #1 thanks to its strong business efficiency, strong financial sector and drive for innovation. Hong Kong was 2nd and Singapore 3rd. Switzerland fell to 4th, Canada is 5th then Norway, Denmark, Sweden and Germany. Japan is right down in 27th place. IMD said best performing nations have gone back to the basics…with a focus on productivity and efficiency plus a strong organisational structure for work forces to thrive.