Canada has fallen to 10th place in the latest rankings of business competitiveness by the IMD World Competitiveness Center, its worst position in several years.

The Swiss-based group, part of the IMD business school, ranked Canada in fifth place last year.

The drop comes as the downturn in commodity prices hits the Canadian economy hard.

The IMD says weak performance by the domestic economy hurt Canada's overall ranking.

Hong Kong was ranked first in competitiveness for 2016, moving up from second place last year.

Switzerland was second, while the United States was third.

Rounding out the top five were Singapore in fourth place and Sweden in fifth.