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Japan came in at No. 9 in the World Economic Forum’s annual Global Competitiveness Index of 137 countries and regions, down one place from last year’s assessment, the organization said Wednesday.

The nation saw its ranking drop for the second consecutive year.

Although Japan’s infrastructure, including railways, was highly rated, the country retreated overall as Hong Kong jumped to No. 6 from No. 9.

Switzerland topped the list overall for the ninth straight year. The United States rose by one spot to No. 2, overtaking No. 3 Singapore.

Japan also showed strong performance infrastructure, rising one spot to No. 4 in the category. The country also improved in technological readiness, climbing to No. 15 from No. 19, as well as in its macroeconomic environment, which jumped to No. 93 from No. 104.

Hong Kong topped the list in infrastructure, including its airport, and was also highly rated for its tax system being advantageous for businesses.

In the top 10 in overall ranking, the Netherlands came in at No. 4 followed by Germany, both unchanged from 2016. Sweden ranked No. 7 and Britain No. 8, both down by one notch. Finland remained No. 10.

Among Asian economies, Taiwan dropped by one spot to No. 15, South Korea remained at No. 26, and China rose one position to No. 27.

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