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September 8, 2009

World Economic Forum's Global Competitiveness Rankings: Switzerland Replaces United States at the Top

Switzerland leads the rankings of the World Economic Forum's Global Competitiveness Report 2009-2010.

The United States falls to second place, with weaker financial markets and less macroeconomic stability.

Singapore moves up to third; Brazil, China and India also post improvements.

World Economic Forum

Photo: COLOGNY, SWITZERLAND - Cover of the World Economic Forum's The Global Competitiveness Report 2009-2010. © World Economic Forum.

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Switzerland tops the overall ranking in The Global Competitiveness Report 2009-2010, released today (September 8, 2009) by the World Economic Forum ahead of its Annual Meeting of the New Champions 2009 in Dalian, People's Republic of China.

The United States falls one place to second position, with weakening in its financial markets and macroeconomic stability. Singapore, Sweden and Denmark round out the top five. European economies continue to prevail in the top 10 with Finland, Germany and the Netherlands following suit. The United Kingdom, while remaining very competitive, has continued its fall from last year, moving down one more place this year to 13th, mainly attributable to continuing weakening of its financial markets.

World Economic Forum


Photo: People exit the World Expo Center at the World Economic Forum's Inaugural Meeting of the New Champions in Dalian, China on 5 September 2007. (Handout Photo/World Economic Forum/Doug Kanter).

The People's Republic of China continues to lead the way among large developing economies, improving by one place this year, solidifying its position among the top 30. Among the three other large BRIC economies, Brazil and India also improve, while Russia falls by 12 places. Several Asian economies perform strongly with Japan, Hong Kong SAR, Republic of Korea and Taiwan, China also in the top 20. In Latin America, Chile is the highest ranked country, followed by Costa Rica and Brazil.

A number of countries in the Middle East and North Africa region are in the upper half of the rankings, led by Qatar, United Arab Emirates, Israel, Saudi Arabia, Bahrain, Kuwait and Tunisia, with particular improvements noted in the Gulf States, which continue their upward trend of recent years. In sub-Saharan Africa, South Africa, Mauritius and Botswana feature in the top half of the rankings, with a number of other countries from the region measurably improving their competitiveness.

World Economic Forum

Photo: SEOUL, SOUTH KOREA - Koji Endo, Director, Equity Research, Credit Suisse Securities (Japan) Limited, Credit Suisse, Japan during the Joint Automotive and Logistics & Transport - World Economic Forum on East Asia 2009. © World Economic Forum. Photo by Oh Jaehyuk.

"The strong interdependence among the world's economies makes this a truly global economic crisis in every sense. Policy-makers are presently struggling with ways of managing these new economic challenges, while preparing their economies to perform well in a future economic landscape characterized by growing uncertainty. In a difficult global economic environment, it is more important than ever for countries to put into place strong fundamentals underpinning economic growth and development," said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

World Economic Forum

Photo: SEOUL, SOUTH KOREA - Andy Palmer, Senior Vice-President, Nissan Motor Co., Japan - captured during the World Economic Forum on East Asia in Seoul, South Korea, June 19, 2009. © World Economic Forum. Photo by Oh Jaehyuk.

The Global Competitiveness Report is based on 12 pillars of competitiveness, providing a comprehensive picture of the competitiveness landscape in countries around the world at all stages of development. The pillars include Institutions, Infrastructure, Macroeconomic Stability, Health and Primary Education, Higher Education and Training, Goods Market Efficiency, Labour Market Efficiency, Financial Market Sophistication, Technological Readiness, Market Size, Business Sophistication, and Innovation.

The Report contains a detailed profile for each of the 133 economies featured in the study, providing a comprehensive summary of the overall position in the rankings as well as the most prominent competitive advantages and disadvantages of each country/economy based on the analysis used in computing the rankings.

Source: World Economic Forum

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Edited & Posted by Surender Hastir | 12:42 PM | Link to this Post

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