The Netherlands slips on WEF world's most competitive economy list

US companies scored highly for the speed with which they embrace change but the nation fared poorly on metrics such as health and security

The followed by Singapore, Germany, Switzerland, and Japan in the top five.

In the World Economic Forum's annual report, it was ranked eighth out of 140 economies, compared with sixth out of 135 past year.

"While it is too early for the data to filter through in this year's report, we would expect trade tensions with China and other trading partners to have a negative impact on the US' competitiveness in the future, were they to continue", Saadia Zahidi, the managing director at the World Economic Forum, said in an email.

The latest report uses a new methodology based on the rapid transformation of the global economy due to the fourth industrial revolution. The US scores 85.6 in total, ahead of Singapore (83.5), Germany (82.8), Switzerland (82.6), Japan (82.5), the Netherlands (82.4), Hong Kong (82.3), the United Kingdom (82.0), Sweden (81.7) and Denmark (80.6) in the top ten.

Switzerland was previously at number one in multiple WEF competitiveness reports.

Russian Federation topped the competitive table among Eurasian economies and came second behind China among the BRICS nations.

"With the recently passed Ease of Doing Business Act, we remain optimistic that the government will be able to sustain these gains and address the concerns of efficiency in doing business", said Makati Business Club Chairman Edgar Chua.

Taiwan's financial system also ranked in the top 10 with a 7th place finish.

The report measures national competitiveness - defined as the set of institutions, policies and factors that determine the level of productivity.

The report also weighs in on the now in-vogue topics of trade tensions and the ongoing backlash against globalization visited in several recent election results.

The new version of the Global Competitiveness Index released Tuesday reported the Philippines got an overall score of 62 out of 100 points.

This year's index studied drivers of a nation's productivity and long-term growth by asking what areas it must prioritize.

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