Despite everything that is still going on across the world, the country can still pull out a win. Canada's economy in 2020 just beat the United States for the first time ever. The data comes from a yearly ranking.

According to the annual competitiveness ranking released by IMD, a Swiss business school, this country's competitiveness on the world stage jumped from 13 to eight.

Meanwhile, the United States plummetted from the number three spot it held in 2019 all the way down to 10.

This worldwide ranking has been released annually for 32 years now, and this is the very first time that Canada has ever ranked above the United States.

According to the IMD's report on the ranking, the setback for the U.S. is due to ongoing trade wars with China, which have negatively affected the latter's rank as well.

Canada gaining a higher spot was attributed to both the openness of its society, as well as improvements in labour market measures.

Not only did the True North rise through the ranks above the United States, but it also became the leading nation in all of North America.

The IMD's ranking is based on hard data collected from 2019, as well as surveys conducted early in 2020.

The major finding for this year is that smaller economies have dealt with the current economic crisis in the best way possible.

Arturo Bris, Director of the IMD World Competitiveness Center and Professor of Finance, said in the report that smaller economies might be doing better due to the fact that it is easier to find social consensus within them.

Alexander Stubb, director of the School of Transnational Governance at European University Institute, said during a roundtable discussion on the ranking that many of the top countries, including Canada, "are very transparent in the way they deal with things, they are globally oriented and they are competitive in many ways," as reported by Huffington Post.

As for the top three countries in the ranking (which includes 63 countries across the globe), Singapore took the number one spot, followed by Denmark and Switzerland, respectively.

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