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Canada, struggling to emerge from a two-year slump brought on by weak exports, has swept past the U.S., Germany and Japan in a Bloomberg ranking of the best countries for doing business.

Canada rose four places to reach second place, behind only Hong Kong, which led for a third straight year. The U.S. fell one spot to third place in the index that’s based on six criteria, followed by Singapore and Australia.

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The rise in the ranking for Canada reflects recent corporate tax cuts and the impact of a weakening dollar that policy makers are projecting will help the world’s 11th-largest economy rebound from weaker-than-expected exports. A falling dollar lowers input costs relative to competitors, while the tax cuts helped make investments more profitable.

“Those are two big factors,” said John Manley, a former Canadian finance minister who is now head of the Ottawa-based Canadian Council of Chief Executives. “Compared with a lot of the world, we have a pretty good story to tell.”