Singapore (83.5), Germany (82.8), Switzerland (82.6) and Japan (82.5) make up the rest of the top 5.
Other countries in the top 10 include Switzerland (4th), Japan (5th), Netherlands (6th), Hong Kong (7th), United Kingdom (8th), Sweden (9th) and Denmark (10th).
The U.S. economy sits atop of the World Economic Forum's annual global competitiveness survey for the first time since the 2007-2009 financial crisis, benefiting from a new ranking methodology this year, the Swiss body said on Tuesday.
A total of 98 indicators were taken into consideration across 140 nations in the GCI report 2018, in order to determine the overall ranking and also to indicate the closeness of an economy to the total ideal state of competitiveness. Likewise nor can we dismiss the efforts of the current administration: "if 70% of the report's weighting comes from hard data, the remaining 30% represents the views of America's business leaders: "if they are positive about America's competitiveness then their views will be very much based on the here and now", the Forum explained.
The report also ranked Taiwan 4th for innovation capability and listed the country as one of only four "super innovators" with scores over 80 out of a possible 100. "Only those economies that recognize the importance of the Fourth Industrial Revolution will be able to expand opportunities for their people".
The countries making up the top 10 are almost unchanged with the exception of Denmark, which clinched the 10th place to the detriment of Canada, now 12th. Singapore was in second place, with Germany in the third spot.
Brexit, the report says, will weaken the country's markets and it is also less prepared than its peers to adapt to rapid technological changes.
The Philippines, however still lags behind its Asian neighbors in terms of institutions, health, and infrastructure.
Venezuela was ranked last in more than one category in the study, with the socialist nation being deemed the most corrupt, with the least future-prepared economy on the list.
It warns for instance that there are indications the social fabric is weakening, that the security situation is worsening - the country's homicide rate is five times the average for advanced economies - and that there are relatively low checks and balances, judicial independence and transparency.
"It is instead the result of proactive policies and leadership", it adds.