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Switzerland Replaces US As World's Most Competitive Econ -WEF
Switzerland has moved up to replace the U.S. as the world's most competitive economy because of poor U.S. marks in financial services and economic stability, according to this year's survey by the World Economic Forum.
The Global Competitiveness Index, or GCI, is produced annually by the Geneva-based think tank, which hosts the annual business forum in Davos, Switzerland every January.
The GCI's headline findings for 2009-10 showed the U.S. lost marks for the deterioration of its financial markets and its worsening fiscal position, pushing it out of the top spot for the first time since the introduction of the index in its current form in 2004.
Trust in U.S. banks fell to 108th position - just behind Tanzania - while a soaring budget deficit now topping $1 trillion, pushed its ranking for economic stability to 93rd from 66th.
That loss of competitiveness could prove another obstacle to a speedy recovery as the world's largest economy shows signs of emerging from its deepest recession since the Second World War.
Economists said the U.S. still won marks for productivity and a flexible labor market, but stressed the financial crisis had magnified existing economic imbalances.
'In particular we've seen a weakening of the quality of its financial markets... These are imbalances that have been building up over time which have been exacerbated by the economic crisis,' said Jennifer Blanke, senior economist at the World Economic Forum.
The Swiss economy was praised for its stability and continual innovation, despite a loss of trust in its banks, which slipped to 44th position.
The GCI bases its rankings on a range of measures, including economic data but also health statistics and figures pertaining to the number of Internet users.
The study also factors in a survey among business leaders, assessing, for example, the government's efficiency or the flexibility of the labor market.
This year's index again ranked Sweden, Denmark and Finland inside the top six most competitive economies, praising the efficiency of their institutions and fiscal discipline. The U.K. economy continued its slide, falling one place to 12th as its financial markets deteriorated.
Leading emerging markets China, India and Brazil improved their competitiveness among the 133 countries, despite the crisis, the report showed.
But Russia declined sharply, falling back 12 places to 63, as worries about government efficiency and judicial independence rose, the report said.
