By Frances Williams
The US has again topped a widely-watched index ranking country competitiveness, despite the financial crisis that has left it and other highly ranked nations facing market meltdown and a prolonged economic downturn.
Switzerland, Denmark and Sweden retain their second, third and fourth places respectively in the league table compiled by the Geneva-based World Economic Forum.
Among the world’s economic heavyweights only two apart from the US feature in the top ten – Germany, ranked seventh and Japan, ranked ninth. The UK has dropped three places from ninth to twelfth. Singapore, Finland, the Netherlands and Canada take the remaining top ten places.
The WEF, whose rankings were compiled before the current market collapse, said the UK slippage was “mainly attributable to a weakening of its financial markets”, though they continued to be among the most efficient in the world.
Jennifer Blanke, director of the WEF’s global competitiveness network, said despite the present turmoil the index was still relevant because it measured a wide range of factors important for long-term growth in productivity and living standards. Read More..