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Switzerland Overtakes US In Global Competitiveness Rankings,
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, September 17, 2009
Switzerland tops the overall ranking in The Global Competitiveness Report 2009-2010,
released today by the World Economic Forum. 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 ten 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.
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 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.
"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.
Xavier Sala-i-Martin, Professor of Economics, Columbia University, USA, and
co-author of the Report added: “Amid the present crisis, it is critical
that policy-makers do not lose sight of long-term competitiveness fundamentals
amid short-term urgencies. Competitive economies are those that have in place
factors driving the productivity enhancements on which their present and future
prosperity is built. A competitiveness-supporting economic environment can help
national economies to weather business cycle downturns and ensure that the mechanisms
enabling solid economic performance going into the future are in place.”
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