September 7th, 2011
04:55 PM ET

Global competitiveness ranking: U.S. falls to fifth spot

Editor's Note: The following text is from GlobalPost, which provides excellent coverage of world news – importantmoving and just odd.

The United States fell to fifth place in a global ranking of the world's most competitive economies.

The World Economic Forum announced Wednesday that the United States fell in the survey due to its massive deficits and declining public faith in the government and political leaders, the Associated Press reports. The rankings are based on economic data and a survey of 15,000 business executives, it states.

The top spot went to Switzerland, which has held the number one ranking for three straight years.

The ranking by the Geneva-based forum put Singapore at second, Sweden at third and Finland at fourth. The United States had been in the number one spot in 2008 but has fallen for three consecutive years.

The rankings incorporated factors such as factors a nation’s infrastructure, technological readiness and business sophistication, the Los Angeles Times reports.

When referring to the United States, the forum said the country had several advantages like an excellent university system, but the “lack of macroeconomic stability continues to be the United States’ greatest area of weakness."

The rankings also show that developing countries are narrowing the gap with established industrialized nations, the Wall Street Journal reports.

"Much of the developing world is still seeing relatively strong growth, despite some risk of overheating, while most advanced economies continue to experience sluggish recovery, persistent unemployment and financial vulnerability, with no clear horizon for improvement," Klaus Schwab, founder and Executive Chairman of the WEF, said in the survey's release, as reported by the Journal.

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Topics: Economy

soundoff (4 Responses)
  1. j. von hettlingen

    The first four countries on the list have less territories and a smaller population than the U.S.

    September 7, 2011 at 7:10 pm | Reply
  2. Matt

    These first four countries are not stupid enough to get into a bunch of useless and unnecessary wars like we do. Wars always drain economies as anyone with half a brain would know!!!

    September 7, 2011 at 7:45 pm | Reply
    • j. von hettlingen

      Their policies are less rigid and they are more flexible.

      September 8, 2011 at 7:40 am | Reply
    • Jere

      We're smart enough not to get involved with every military conflict on this planet, but also stupid enough to handle out money to Euro scamsters like Greece. And there's no end to it, it seems.

      September 9, 2011 at 6:16 am | Reply

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