EEAR- CFS - BCT 2021 - INGLÊS

Singapore overtakes US as world’s most competitive economy

Sherisse Pham Singapore has knocked the United States out of the top spot in the World Economic Forum’s annual competitiveness report. The index takes stock of an economy’s competitive landscape, measuring factors such as macroeconomic stability, the infrastructure, the labor market and the innovation capability. Singapore pushed the world largest economy down to second place this year. Hong Kong, the Netherlands and Switzerland rounded out the top five. Hong Kong climbed four spots from last year’s report, despite the political crisis taking a toll on its economy. The financial hub received high marks for its macroeconomic stability and financial system, but fell short on its capability to innovate.

 The expression “taking a toll on its economy”, in bold type in the text, means that it _____________on the economy.