Hong Kong (CNN Business) Singapore has knocked the United States out of the top spot in the World Economic Forum's annual competitiveness report.

The index, published on Wednesday, takes stock of an economy's competitive landscape, measuring factors such as macroeconomic stability, infrastructure, the labor market and innovation capability.

Singapore pushed the world's largest economy down to second place this year, with the Asian city state scoring top marks for its infrastructure, health, labor market and financial system.

And while the United States lost out to Singapore overall, "it remains an innovation powerhouse," the report said.

Singapore and Vietnam put up strong performances this year partly thanks to the US-China trade war.

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